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IRCTC share turns Rs 1 lakh into Rs 2.29 lakh in a single day

IRCTC share price ended 129% higher than the issue price of Rs 320 on NSE. It closed with a gain of 17.09% or 107 points at Rs 733. The stock got listed at a price of Rs 626.

twitter-logo BusinessToday.In        Last Updated: October 14, 2019  | 22:15 IST
IRCTC share turned Rs 1 lakh into Rs 2.29 lakh in a single day
IRCTC share price gained a robust 127.69% or 408 points over its issue price to close at Rs 728.60. IRCTC IPO had a issue price of Rs 320 per share.

The opening day of IRCTC share saw strong returns to investors even as Indian benchmark indices look set to end the year on a timid note. An investment of Rs 1 lakh in IRCTC share during initial public offer is now over Rs 2.29 lakh.

On NSE, IRCTC share ended 129% higher than the issue price of Rs 320. It closed with a gain of 17.09% or 107 points at Rs 733. The stock got listed at a price of Rs 626.  IRCTC share ended the day with 13.14% or 84 point gain over listing price on BSE.  IRCTC share gained a robust 127.69% or 408 points over its issue price to close at Rs 728.60. IRCTC IPO had a issue price of Rs 320 per share.

Also read: IRCTC share delivers more than 100% returns on market debut, lists at Rs 644 on BSE

The market capitalisation of IRCTC share stood at Rs 11,657 crore on BSE today. Interestingly, according to several estimates, market capitalisation of the government-owned firm was pegged at Rs 5,120 crore at the higher end of price band after the listing.

The IRCTC IPO was subscribed nearly 112 times on the last day of bidding on October 3 making it the most successful IPO by a public sector enterprise. It was also the most successful IPO in over 20 months.

The public issue is a part of the government's divestment programme for the financial year 2019-20. After the IPO, government's stake in the firm fell to 87.4%. IRCTC is engaged in internet ticketing, catering, packaged drinking water and travel and tourism.

Also read: IRCTC share listing: Should you sell or hold the stock after making 100% profit?

IRCTC has also diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels. Book running lead managers to the offer were IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities (India). The company would not receive any proceeds from the IPO and "all proceeds shall go to shareholders", IRCTC said.

IRCTC is engaged in internet ticketing, catering, packaged drinking water and travel and tourism. IRCTC has also diversified into other businesses, including non-railway catering and services such as e-catering, executive lounges and budget hotels.

Edited by Aseem Thapliyal

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