Indian Railway Finance Corporation IPO subscribed 3.49 times on final day

The initial public offer of Indian Railway Finance Corporation Limited was subscribed 3.49 times on the final day of bidding on Wednesday.

The offer received bids for 4,35,22,57,225 shares against 1,24,75,05,993 shares on offer.

Qualified Institutional Buyers (QIBs) category was subscribed 3.78 times, non institutional investors 2.67 times and retail individual investors (RIIs) 3.66 times.

The initial public offer of up to 178.20 crore shares, comprises a fresh issue of up to 118.80 crore shares and an offer for sale of up to 59.40 crore shares.

Price range for the offer was fixed at Rs 25-26 per share.

IRFC had on Friday raised a little over Rs 1,398 crore from anchor investors.

It is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.

Its primary objective is to meet the predominant portion of 'extra budgetary resources' requirement of the Indian Railways through market borrowing at the most competitive rates and terms.

DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets were the managers to the offer.