Shares of Indian Railway Catering and Tourism Corporation (IRCTC) made a strong debut and zoomed over 101 percent in its maiden trade on Monday against the issue price of Rs 320.
— CNBC-TV18 (@CNBCTV18Live) October 14, 2019
It listed at Rs 644, reflecting a huge jump of 101.25 percent as compared to the issue price on the BSE. Intraday, the stock hit a high of Rs 698 per share, up 118 percent from its issue price.
At 11 am, IRCTC's stock price was trading at Rs 687.60 per share, while the benchmark Sensex was up 215.88 points or 0.57 percent at 38,342.96.
On the NSE, the IRCTC shares, which recently concluded its Rs 645-crore initial public offering (IPO), skyrocketed 95.62 percent to Rs 626 in the opening trade.
The company's market valuation stood at Rs 10,972 crore in early morning trade.
The overwhelming response comes amid slowing growth in Asia’s third-largest economy, which has hit sales of everything from cars to cookies, prompting the government to step in with deep cuts in corporate taxes and a raft of other measures to revive growth, reported Reuters.
IRCTC traded with 20.52 lakh shares on the BSE and 1.59 crore shares on the NSE in volume terms, according to a Moneycontrol report.
The IRCTC listing is reportedly the best in the last two calendar years, said the report.
The initial public offering of IRCTC was a huge hit among investors, subscribed 111.91 times earlier this month.
The Rs 645-crore IPO was in a price range of Rs 315-320 per share.
The category meant for qualified institutional buyers (QIBs) was subscribed 108.79 times, non-institutional investors (NIIs) category witnessed a subscription of 354.52 times, while the same for retail investors stood at 14.65 times.
The issue comprised an offer-for-sale of 2.01 crore shares of the face value of Rs 10 each. Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.
The IPO is in a price range of Rs 315-320 per share.
The issue comprises an offer-for-sale of 2.01 crore shares of face value of Rs 10 each. Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.
The offer is being managed by YES Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities.
IRCTC is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.
— With PTI inputs
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Updated Date: Oct 14, 2019 12:28:04 IST