IRFC IPO closes today, was oversubscribed 1.22 times on Tuesday
The initial public offering (IPO) of the Indian Railway Finance Corporation (IRFC) will close for subscription today. The three-day initial share-sale started on January 18.
The IRFC IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government.
It was subscribed 1.22 times on the second day of subscription on Tuesday. The offer received bids for 1,52,64,04,775 shares against 1,24,75,05,993 shares on offer, as per the data available with National Stock Exchange (NSE).
The category reserved for non-institutional investors was subscribed 24 per cent and retail individual investors (RIIs) 2.33 times.
The IPO was subscribed 65 per cent on the first day of subscription on Monday. The offer received bids for 80,89,30,700 shares against 1,24,75,05,993 shares on offer, as per NSE data.
The price range for the IPO has been fixed at ₹25-26 per share and it is expected to fetch ₹4,633 crore.
The IRFC, set up in 1986, is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.
Its primary objective is to meet the predominant portion of 'extra budgetary resources' requirement of the Indian Railways through market borrowing at the most competitive rates and terms.
The Union Cabinet had in April 2017, approved listing of five railway companies. Four of them -- IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp -- have been listed.
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