IRCTC IPO opens today, price band fixed at Rs 315-320 per share

Team Udayavani, Sep 30, 2019, 10:21 AM IST

New Delhi: State-run Indian Railway Catering and Tourism Corporation Limited (IRCTC) will open its initial public offering (IPO) for subscription on Monday, September 30 and will close on Thursday, October 3, with a price band of Rs 315-320 per share.The shares will get listed on both BSE and NSE.

The offer is a part of the government’s divestment programme for the current financial year 2019-20. The government is offloading its 12.6% stake (more than two crore equity shares), which will bring down its stake to 87.4%, though this IPO.

The price band of Rs 640 crore IRCTC IPO has been fixed at Rs 315-320 per share with a discounted offer to retail investors and eligible employees of Rs 10 per share.

The minimum bid lot is 40 shares and orders can be placed in multiples of 40 equity shares. The IPO proceeds will go to the selling shareholder (government) and not IRCTC.

IRCTC was established in 1999 as a subsidiary of Indian Railways. IRCTC is the Indian Railways tourism arm which sells train tickets online, provides catering service to railways and provides packaged drinking water at railway stations and trains.

IRCTC had filed draft papers with markets regulator Securities and Exchange Board of India (Sebi) for its IPO in August this year.

IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities (India) are the managers to the offer.

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