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IPO to raise Rs.466 crore
The Initial Public Offering (IPO) of CPSE IRCON International has been subscribed 9.5 times for the 10.5% stake the government is selling and raise Rs.466 crore.
The government is diversifying about 99.05 lakh equity shares, including 5 lakh shares to employees.
The issue received bids for 9.4 crore shares against the issue size of 99.05 lakh shares.
The segment meant for Qualified Institutional Buyers (QIBs) was subscribed 12 times, Non-Institutional Investors 4.9 times, while the Retail Investors Segment was subscribed over 9 times.
Price band for the issue has been fixed at Rs.470-475 per share, with a discount of Rs.10 for Retails Investors and Employees.
IRCON is the second Central Public Sector Enterprise (CPSE) to launch an IPO in the Current Fiscal besides being the second Railway CPSE to be listed on the stock markets after RITES in June this year. fiinews.com
