Ircon International market debut receives tepid response

IRCON is the second CPSE to launch an IPO in the current fiscal.

Ircon International market debut receives tepid response

New Delhi: Railways engineering and construction firm Ircon International, which recently concluded its initial public offer, made its stock market debut on both BSE and NSE on Friday.

On the BSE, the shares opened at Rs 410.30,  down 13.62 percent discount from its issue price of Rs 475. Ircon stock price at NSE opened at Rs 422, down 11 percent from its issue price of Rs 475.

At 11.54 am, it was trading higher by 8.98 percent at Rs 449 on NSE while on BSE the scrip was trading up 9.12 percent at Rs 448.

Ircon IPO was subscribed 9.85 times on the last day of bidding on September 19. The public offer received bids for 9,75,82,860 shares against the total issue size of 99,05,157 shares.

The government is selling 10.5 percent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 12.29 times, non-institutional investors 4.92 times and retail investors 9.51 times, merchant banking sources said.

IRCON is the second CPSE to launch an IPO in the current fiscal, besides being the second railway PSU to be listed on the stock markets after RITES in June this year.

With PTI Inputs

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