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The $634 million IPO from IRFC subscribed 3 times by the end of bidding

3.09x
The qualified institutional buyer's portion was subscribed 3.6 times, and the retail investors supported the issue with a subscription of 3.4 times.
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In its anchor book opening, the company raised nearly ₹1,389 crore by allocating shares to HDFC Equity Fund, Government of Singapore, Nippon India Tax Savers Fund, among others.
Despite all the top brokerages recommending to ‘subscribe’ to the issue citing various factors from strong valuation to robust business growth — the unlisted shares saw a tepid response in the grey market. The premium declined from 7% on day one to 5% today. The shares in the grey market were commanding a premium of ₹1.10-1.20, over the issue price band of ₹25-26 per share.

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