IRCTC IPO subscribed 3.25 times on second day of bidding

The initial public offering of Indian Railway Catering and Tourism Corporation (IRCTC) was subscribed 3.25 times on the second day of bidding on Tuesday.

IRCTC's public offer to raise about Rs 645 crore received bids for 6.55 crore shares against the total issue size of two crore shares, according to exchanges' data.

The category meant for qualified institutional buyers (QIBs) was subscribed 1.65 times, non institutional investors 1.73 times and retail individual investors 6.21 times.

The public offering of IRCTC was subscribed about 81 per cent on the opening day of bidding on Monday.

Price range for IRCTC's IPO has been fixed at Rs 315-320 per share.

The issue comprises an offer-for-sale of 2.01 crore shares of face value of Rs 10 each.

Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.

Bidding for the offer of the railways' tourism and catering arm will close on Thursday.

Equity markets will be closed on Wednesday on account of 'Mahatma Gandhi Jayanti'.

YES Securities (India), SBI Capital Markets and IDBI Capital Markets & Securities are the managers to the offer.