IRCTC share price has delivered over 50% returns in last eight trading sessions after the PSU firm listed on the bourses on October 14. Indian Railway Catering and Tourism Corporation (IRCTC) share price hit a fresh high of Rs 953.50 on the NSE today compared to the listing price of Rs 626. That's a 52.31% return to the listing price and 197% return compared to the issue price of Rs 320.
On BSE too, the stock surged to a fresh high of Rs 953.65 delivering 48.08% returns on the listing price of Rs 644. IRCTC share listing which was the most successful one for a PSU has pushed investor wealth 50% higher in the last nine sessions on BSE.
Market capitalisation of IRCTC share today hit Rs 15,000 crore compared to Rs 10,736 crore on the listing day.
The Indian Railway firm made its market debut on October 14 with its stock listing at Rs 644 on BSE and Rs 626 on NSE against the issue price of Rs 320. Against the listing price of Rs 644, the IRCTC stock made an intraday high of Rs 743.80 on both the bourses, with 15.50% intraday gain clocked on the BSE, and 18.80% hike against the listing price on NSE.
IRCTC stock closed 127.69% higher than its issue price at Rs 728.60 on BSE and 129% higher at Rs 727.75 on NSE. The stock ended 13% higher against the listing price of Rs 644 on BSE and 17% higher against the listing price of Rs 626 on NSE that day.
Bids for IRCTC shares were invited in a price band of Rs 315 to Rs 320 during the IPO held from September 30 to October 3. The issue involved sale of 2.01 crore equity shares of face value of Rs 10 each in a price band of Rs 315 to Rs 320.
The IPO was subscribed nearly 111.80 times on the last day of bidding. The IPO received bids for 225.39 crore shares compared to the issue size of 2.01 crore shares.
The allotment of shares for the initial public offer (IPO) of IRCTC was held from October 9 to October 10. 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.
By Aseem Thapliyal