Shares of railway PSU Indian Railway Catering & Tourism Corporation (IRCTC) have nearly tripled from its issue price, emerging as one of the best IPO in the fiscal year.
Shares of railway PSU Indian Railway Catering & Tourism Corporation (IRCTC) have nearly tripled from its issue price, emerging as one of the best IPOs in the fiscal year. In less than a month, the shares have soared to a high of Rs 981.35, as compared to the issue price of Rs 320, implying returns of more than 3 times. The shares closed 2.7% lower at Rs 906.85 on BSE. Interestingly, IRCTC shares listed on the exchanges on October 14, wherein the stock soared 127.4 percent to close at an intra-day high of Rs 727.75 amid robust buying interest from investors. Notably, the shares had listed at Rs 644, more than doubling investor wealth. On the last day of bidding, IRCTC IPO was subscribed to about 111.80 times. The IPO received bids for 225.39 crore shares as against the issue size of 2.01 crore shares.
The railway PSU has reported a 14 per cent rise in the net profit to Rs 172.14 crore for the half-year period ended September 30, 2019. This is the first earnings announcement by the IRCTC after its debut on Indian bourses. IRCTC shares were listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE) on October 14, 2019.
The contribution of the e-ticketing services almost doubled, boosting the overall revenue of the Indian Railway Catering and Tourism Corporation (IRCTC) in the first half of FY20. The revenue from the online ticketing segment saw a jump of just over 80 per cent to Rs 199 crore in the April-September period as against Rs 110 crore in the corresponding period of FY19, IRCTC said in a regulatory filing on Wednesday. The total revenue of the subsidiary of the Indian Railways rose to 4 per cent to Rs 973 crore as against Rs 937 crore in the period under review.