Ircon IPO subscribed 9.5 times, to fetch Rs 466 crore

The Initial Public Offering (IPO) of Ircon, through which the government is selling 10.5 per cent of its stake in the company, has been subscribed 9.5 times, the government said on Wednesday.

Through the IPO of the central public sector enterprise, the government is expected to raise Rs 466 crore by selling about 99.05 lakh equity shares, including five lakh shares to its employees.

"The issue received bids for 9.4 crore shares against the issue size of 99.05 lakh shares worth Rs 466 crore," an official statement said.

"The segment meant for qualified institutional buyers was subscribed 12 times and non-institutional investors 4.9 times, while the retail investors' segment was subscribed over nine times," it added.

Price band for the issue was fixed at Rs 470-475 per share, with a discount of Rs 10 for retails investors and employees.

--IANS

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