The share sale launched by the government in Ircon International to divest 16 per cent saw more demand than shares on offer. The 75.24-million offer for sale (OFS) generated bids for 108.5 million shares from institutional investors. Another 22.6 million shares reserved for retail investors will be auctioned on Thursday. The base price of the OFS is Rs 88 per share. Shares of Ircon fell 7 per cent to end at Rs 91.1 in the secondary market. After the share sale, the government’s stake in Ircon will drop from 89.18 per cent at present to 73.18 per cent.
Mtar Tech subscribed 4x on day 1
Hyderabad-based precision engineering firm MTAR Technologies IPO was subscribed nearly four times on Wednesday, the first day of the issue. A day earlier, the company allotted shares worth Rs 179 crore to anchor investors. Mtar’s Rs 596-crore IPO comprises of fresh fund raise of Rs 123 crore and secondary share sale worth Rs 473 crore. At the upper end of the IPO price band of Rs 574-Rs 575 per share, Mtar will have market cap of Rs 1,770 crore on post-issue basis. The IPO closes on Friday.
Easy Trip Planners IPO to open Monday
Easy Trip Planners, the company that operates online travel portal easemytrip.com, will launch its Rs 510-crore initial public offering (IPO) on Monday. The company has set a price band of Rs 186-187 per share. The IPO is entirely an offer for sale by promoters Nishant Pitti and Rikant Pittie, who will offload shares worth Rs 255 crore each. Retail investors portion for the IPO is only 10 per cent as against typical 35 per cent for other IPOs. At the upper end of the price band, the company will have a market cap of Rs 2,030 crore. Easy Trip offers services such as airline tickets, hotel bookings and holiday packages.