IRCON IPO subscribed 9.85 times; to net govt Rs 466 cr

Railways engineering and construction firm Ircon International's initial public offer was subscribed 9.85 times on the last day of bidding Wednesday.

The public offer received bids for 9,75,82,860 shares against the total issue size of 99,05,157 shares, data available with the NSE till 1945 hrs showed.

The IPO is of 99,05,157 shares with a price band of Rs 470-475 per share.

The government is selling 10.5 per cent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees.

"The government is expected to raise Rs 466 crore from the issue," an official release said Wednesday.

The portion set aside for qualified institutional buyers (QIBs) was subscribed 12.29 times, non-institutional investors 4.92 times and retail investors 9.51 times, merchant banking sources said.

IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the issue.

The shares of the company will be listed on BSE and NSE.

IRCON is the second CPSE to launch an IPO in the current fiscal, besides being the second railway PSU to be listed on the stock markets after RITES in June this year.