IRCTC makes grand debut on bourses, doubles over issue price

Shares of Indian Railway Catering and Tourism Corporation (IRCTC), the online ticketing, tourism and the catering arm of railways, made a stellar debut on Monday by listing at Rs 644 on the BSE, marking a 101 per cent premium to its issue price of Rs 320 per share.

IRCTC is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

The state-owned company raised Rs 645 crore through its initial public offer (IPO). The issue got huge response from all categories of investors. The IPO was subscribed a massive 112 times.

The retail category was subscribed nearly 15 times while qualified institutional buyers segment got subscribed 109 times and non-institutional investors category 355 times.

Since retail investors received shares at a discount of Rs 10 per share, the issue price for them stands at Rs 310 per share.

IRCTC operates one of the most transacted websites in the Asia Pacific region with transaction volume averaging at 25 million per month and 7.2 million logins a day. Over 1.4 million passengers travel on a daily basis of which 71.42 per cent book their tickets online.

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