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IRCTC share prices swells: Selling at 132% over the issue price.

Not long ago IRCTC got listed on BSE and NSE, it was subscribed 112 times the quantity offered. Currently the share price of IRCTC is Rs. 743, 132% higher than the issue price of Rs. 320. 22 Lakh shares were traded in the initial 20 minutes.

S Ranganathan, LKP Securities’ head said, ‘IRCTC listing today proved yet again that a high quality business with a clear runway for growth which leaves a lot on the table for investors is a sure shot success. IRCTC has today managed to replicate the success of Avenue Supermart in the primary market where we saw bidders showing appetite for the stock even after the stock doubling on Day-1 of listing’.

Initially 2.01 crore shares were offered at the face value of Rs. 10 each. Many Dalal Street experts recommended people to subscribe to the IRCTC IPO, pointing out the potential gain.

Earlier, Avenue Supermarts Ltd., owned by Radhakishan Damani enjoyed the same development where his company’s IPO was subscribed 106 times the quantity initially offered in March of 2017.

Yes Securities, IDBI Capital Markets, and SBI Capital Markets are the merchant bankers for IRCTC’s issue and Alankit Assignments was the registrar. Share allotment took place on the 10th of October 2019 wherein the government raised almost Rs. 650 crores by reducing its own stake to 87.4% in the company.

IRCTC had a net profit of Rs. 272.6 crore in FY2019 with a revenue of Rs. 1,867 crores, 50 crore more profit than FY2018 while generating a revenue of Rs. 1,470.

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xploringindia
Xploringindia is a administrator who has a keen interest in politics, fashion, and lifestyle. She is a post-graduate in Economics and loves to listen to classic old Hindi songs and travel to new places in her leisure time. Her writing is well researched, covering important aspects and core of the topic covering crucial points.
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