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On First Day, IRFC’s IPO Issue Subscribed 65%

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The first issue of Indian Railway Finance Corporation, subsidiary of Indian Railways, has been subscribed 65 per cent on January 18, the first day of bidding.

The offer received bids for 80.89 crore equity shares against an IPO size of over 124.75 crore equity shares, the bidding data available on the exchanges showed.

The IPO size did not include the anchor book which already received a good response from investors. The company raised Rs 1,390 crore of its total issue size of Rs 4,633 crore, through the anchor book.

Retail investors remained strong in the primary and secondary markets. The portion allocated for them was subscribed 1.03 per cent on the first day itself, while the employee allocation was subscribed 3.6 times.

The reserved portion of non-institutional investors saw a subscription of 6.7 per cent and that of qualified institutional investors (QIIs) 0.01 per cent.

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The retail investors remained strong in the primary as well as secondary markets. The portion set aside for them has subscribed 1.03 per cent on the first day itself, while the employee portion was subscribed 3.6 times. The reserved portion of non-institutional investors saw a subscription of 6.7 per cent and that of QIIs 0.01 per cent.

The 1,78,20,69,000 equity shares public issue consists a fresh issue of 1,18,80,46,000 equity shares and an offer for sale of 59,40,23,000 equity shares by the President of India. The issue includes a reservation of Rs 50 lakh value of shares for eligible employees.

IRFC, wholly-owned by the Indian government, is the market borrowing arm of Indian Railways. IRFC, incorporated in 1986, follows a financial leasing model to finance the acquisition of rolling stock assets, which includes locomotives, coaches, containers, wagons, trucks, flats, electric multiple units, trollies and cranes.

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