Indian Railway Catering and Tourism Corporation (IRCTC) had an upbeat start as it listed at Rs 644 on the BSE. A 101.25% premium over its issue price of Rs 320 per share on Monday.
Even on the National Stock Exchange, the stock listed at Rs 626, up 95.6% over the issue price more than expected .
Investors who invested in the IPO doubled their money in a single day. Retail investors and employees earned Rs 10 more for each share, as they got shares at a discount of Rs 10 per share.
The Rs 638-crore public issue was subscribed 112 times during September 30 and October 3 and the issue price was fixed at Rs 315-320 per share.
IRCTC is a Mini-Ratna Category-I Public Sector Enterprise and a wholly-owned subsidiary of Indian Railways. The only entity authorized by Indian Railways to offer catering services to railways, online railway tickets for trains in India. It also provides non-railway services including budget hotels, e-catering and executive lounges to create a one-stop solution for customers.
The public issue had comprised an offer for sale of 2,01,60,000 equity shares. The shareholding of government in the railways’ tourism and catering subsidiary reduced to 87.40% post issue.
IRCTC in four business segments—internet ticketing, catering, packaged drinking water, under the Rail Neer brand, and travel and tourism.
