Thanks to institutional investors, the governments offer for sale (OFS) in the Indian Railway Catering and Tourism Corporation (IRCTC) on Thursday-Friday received bids worth Rs 5,086 crore, 1.87 times the offered size.
According to the BSE data (at 1530 hours) on Friday, non-retail investors put in cumulative bids worth about 74.74 million shares worth Rs 5,082 crore, or 1.87 times more than the OFS offer size of Rs 2,720 crore (40 million shares).
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However, the OFS received a poor response from retail investors, who subscribed 74,568 shares or 3.73% of 2 million shares reserved for them. The floor price for the offer was set at Rs 680 per equity share, at a discount of 7.4% to the closing price of Rs 734.7/share on the BSE on Wednesday. On Friday, the stock fell 2.47% to close at Rs 672.15/share. Only non-retail Investors were allowed to place their bids on Thursday while the issue was open for both retail and non-retail investors on Friday.