Shares of the government-run Indian Railway Catering and Tourism Corporation (IRCTC) listed at Rs 626 per share on the National Stock Exchange (NSE), nearly twice its issue price of Rs 320 per share.
The stock hit a high of Rs 743.8 per share in intra-day trades before closing at Rs 727.8 per share, a gain of 128%.
Over 4.5 crore shares of the company changed hands on its opening day while the initial public offering (IPO) consisted of a sale of over two crore shares by the government.
The online ticketing services provider’s market capitalisation as per today’s close is over Rs 11,600 crore, the company said in a statement.
The public issue of IRCTC, which was open for subscription between September 30 and October 3 was subscribed 112 times. The retail category was subscribed nearly 15 times, qualified institutional buyers segment 109 times and non-institutional investors category 355 times.
“We have more than doubled the wealth of investors. This showcases the trust of our customers and stakeholders on the brand called IRCTC and the services it provides. The investor demand exceeded shares on offer by 112 times, making us the most sought after state-run firm,” said MP Mall, chairman and managing director of IRCTC.
“With the company’s diversification plans for the future and growing services across categories, IRCTC aims to stand out as a full-service hospitality and tourism brand of India,” he added.
The mini-ratna company is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.