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IRCTC share price falls over 3% on day two of OFS; bidding opens for retail investors

by The Outlooker Web Desk
December 11, 2020
in Business
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IRCTC share price falls over 3% on day two of OFS; bidding opens for retail investors
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IRCTC’s OFS received a good response from non-retail investors and was subscribed 198 per cent on the first day with an indicative price of Rs 1,391.42

IRCTC share price fell 3.5 per cent to Rs 1,400 apiece today on BSE on the back of ongoing offer-for-sale (OFS). Through this OFS, the government is planning to sell up to 20 per cent stake in IRCTC at a floor price of Rs 1,367 apiece. IRCTC’s OFS received a good response from non-retail investors and was subscribed 198 per cent on the first day with an indicative price of Rs 1,391.42. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey said that retail investors will get a chance to bid for IRCTC offer-for-sale (OFS) on Friday. “We have given a Neutral rating to this OFS as there will be very limited upside left for retail investors also there is no retail discount in this OFS,” said Yash Gupta, Equity Research Associate, Angel Broking Ltd.

DIPAM Secretary said that the issue was subscribed 1.98 times of base size at a clearing price above the floor price by non-retail investors. “Government has decided to exercise the greenshoe option,” Pandey added. The promoter proposes to sell up to 2.4 crore equity shares of IRCTC, representing up to 15 per cent stake, with an option to additionally sell 80 lakh shares, representing 5 per cent of the total issued and paid-up equity share capital, tIRCTC had said in a regulatory filing. In all, the promoter, Government of India will sell 3.2 crore shares, which is expected to garner Rs 4,374 crore for the exchequer starved of funds due to the COVID-19 crisis.

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Around 11.35 AM, IRCTC shares were trading 1.50 per cent lower at Rs 1,430 apiece on BSE, as compared to a 0.43 per cent rise in S&P BSE Sensex. In April 2017, the Union Cabinet had approved listing of five railway companies. Out of which IRCON International, RITES Ltd, Rail Vikas Nigam Ltd and IRCTC, have already been listed. IRFC is likely to be put on the block this fiscal, according to a PTI report. 

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