Ircon International retail book offering sees subscription of 98%

The retail portion of the Ircon International offer for sale (OFS) has garnered 98 per cent subscription. The unsubscribed portion will be allotted to non-retail investors, as demand by this segment had exceeded supply. On an overall basis, the OFS saw 1.45x subscription.

Through the share sale, the government seeks to mop up Rs 675 crore. Shares of Ircon closed at Rs 91.25 on Thursday. The floor price for the OFS was set at Rs 88 per share.

Most bids came at close to Rs 90 per share. After the share sale, the government’s stake in Ircon will drop to 73.18 per cent, from the 89.18 per cent at present.