The initial public offer of the Indian Railway Finance Corporation (IRFC) was subscribed 65 per cent on the first day of subscription on Monday. The offer received bids for 80,89,30,700 shares against 1,24,75,05,993 shares on offer, as per data available with the NSE. The category reserved for non-institutional investors was subscribed 9 per cent and retail individual investors 1.25 times.
The initial public offer is of up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore shares and an offer for sale of up to 59.40 crore shares. Price range for the offer, which is scheduled to close on Wednesday, has been fixed at Rs 25-26 per share. At the upper end of the price band, the IPO is expected to fetch Rs 4,633 crore.
IRFC had on Friday raised a little over Rs 1,398 crore from anchor investors. DAM Capital Advisors Limited, HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets are the managers to the offer.
IRFC, set up in 1986, is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. Its primary objective is to meet the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways through market borrowings at the most competitive rates and terms.
Source: News18