IRCTC IPO subscribed 77.91 times on final day of bidding

New Delhi: The IPO of state-run IRCTC (Indian Railway Catering and Tourism Corporation) received an overwhelming response as it was subscribed 77.91 times on the final day of the bidding process on Thursday.

IRCTC IPO received bids for 157 crore shares

The Rs 645-crore IRCTC IPO received bids for 157 crore shares against the total issue size of 2 crore scrips, data available with the exchanges till 3.30 pm showed. The initial public offer (IPO) had been subscribed 3.25 times until the second day of the bidding.

The offer is in a price range of Rs 315-320 per share.

The backdrop

The IPO had got off to a strong start on September 30 and was subscribed 81 percent on Day 1. On that day, the offer received bids for 1.64 crore equity shares against the offer size of 2.016 crore shares, data available on the National Stock Exchange showed. While shares for retail investors was subscribed 2.
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2 times, employees portion also witnessed full subscription. Non-institutional investor category saw a subscription of 21 percent.

The initial public offer has a price band of Rs 315-320 per share. At the upper price band, the stock is available at P/E multiple of 18.8 times to its FY19 EPS of Rs 17.