Synopsis
By 5:00 pm on Tuesday, the issue received bids for 152.64 crore shares, which was 122.35 per cent of the issue size of 124.75 crore shares. The issue was subscribed 65 per cent on the first day.
Agencies
IRFC is the dedicated market borrowing arm of the Indian Railways.
NEW DELHI: The Rs 4,633-crore IPO of Indian Railway Finance Corporation (IRFC) got fully subscribed on the second day of the bidding process led by strong demand from retail investors.
By 5:00 pm on Tuesday, the issue received bids for 152.64 crore shares, which was 122.35 per cent of the issue size of 124.75 crore shares. The issue was subscribed 65 per cent on the first day.
Synopsis
By 5:00 pm, the issue received bids for 808.9 million shares, which was 64.8 per cent of the total issue size of 1,247.5 million shares. Ahead of the IPO, IRFC said on Saturday that it had raised Rs 1,398.63 crore from 31 anchor investors. The issue will close for subscription on January 20.
Agencies
On the other hand, interest from qualified institutional investors remained low as only around 50,000 shares were subscribed out of 356.37 million shares allotted for them.
MUMBAI: Indian Railway Finance Corporation s IPO took off to a strong note today, with the Rs 4,633-crore issue attracting 65 per cent bids on the first day.
By 5:00 pm, the issue received bids for 808.9 million shares, which was 64.8 per cent of the total issue size of 1,247.5 million shares. Ahead of the IPO, IRFC said on Saturday that it had raised Rs 1,398.63 crore from 31 anchor investors. The issue will close for subscription on January 20.
Synopsis
Most brokerages say the IRFC IPO is attractively priced and can be a good bet for conservative long-term investors, given the company s low-risk profile and consistent earnings visibility.
Agencies
The IPO of IRFC the dedicated market borrowing arm of the Indian Railways includes a fresh issue of up to 1,188,046,000 shares.
NEW DELHI: The Rs 4,633-crore IPO of Indian Railway Finance Corporation (IRFC) kicked off on Monday. Most brokerages advised investors to subscribe to the issue with a long-term investment horizon.
They said the IPO is attractively priced and can be a good bet for conservative long-term investors, given the company s low risk profile and consistent earnings visibility. That said, expansion drivers for return on equity (RoE) or margins are missing, analysts said. They expect good returns from the stock only in the long run.
Indian Railway Finance Corporation Ltd (IRFC) is a wholly-owned finance company of the government of India (GoI) operating under the ministry of railways (MoR).
The three-day initial share-sale of IRFC would be open for public subscription during January 18-20, while the IPO of Indigo Paints would open on January 20 and conclude on January 22.