India Markets

IRCTC IPO opens today, All you need to know

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The initial public offer (IPO) of state-owned Indian Railway Catering and Tourism Corporation (IRCTC); will open for subscription on Monday, September 30.

The offer is a part of the government’s divestment programme for the current financial year 2019-20 and shares will be offered to employees and retail investors at a discount to the final price.

The issue will close on October 3.

The book running lead managers to the issue are IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities (India).

Price band per share is ₹315-320. Retail investors and eligible employees get a discount of ₹10 per share. So the effective price band of IRCTC IPO for retail and eligible employees is ₹305-310 per share.

IRCTC IPO allotment date and listing date:

The tentative date of allotment of IRCTC shares is 9th October.

IRCTC shares will get listed on both BSE and NSE and tentative date of is 14th October.

Jimeet Modi, founder & CEO of SAMCO Securities & StockNote, recommends subscribe to the IRCTC IPO, citing reasonable valuations and earnings visibility.

In April, the government sold a 12.12% stake in Railway Development Corporation Limited (RVNL). It earned around Rs 480 crore. In April 2017, the Central Cabinet Committee approved the listing of 5 railway companies in the stock market on economic matters. These include IRCON International, Rights, RVNL, and IRCTC.

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Editorial Team at NewsEnquire. Email us on: ne.desk@newsenquire.com
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