Rs 4,500-cr IRFC IPO subscribed 65% on Day-1, retail portion by 1.24 times

Employee quota lapped up by over 13 times. HNI and institutional book saw only a few bids

State-owned Indian Railway Finance Corporation’s (IRFC) Rs 4,500 crore maiden offering garnered 65 per cent subscription on Monday, the first day of the issue. On Friday, the company responsible for financing the Indian Railways had allotted shares worth Rs 1,390 crore to anchor investors, which included HDFC, Nippon Life, Invesco, Monetary Authority of Singapore and Kuwait Investment Authority. The retail portion of the issue has been subscribed 1.24 times, while the employee quota has already been lapped up by more than 13 times. The high-networth individual and institutional investor book saw only a few bids on the first