The initial public providing of Indian Railway Finance Corporation (IRFC), subsidiary of Indian Railways, has been subscribed 65 per cent on January 18, the very first day of bidding. The offer received bids for 80.89 crore equity shares against an IPO size of more than 124.75 crore equity shares, the bidding information offered on the exchanges showed.
The Rs 4,633 crore public challenge consists of a fresh challenge of 1,18,80,46,000 equity shares and an offer you for sale of 59,40,23,000 equity shares. The challenge involves a reservation of shares worth Rs 50 lakh for eligible workers.
The IPO size does not involve the anchor book the firm has currently raised Rs 1,390 crore through the anchor book ahead of the IPO.
The portion allocated for retail investors was subscribed 1.03 instances, although the employee category was subscribed 3.6 instances. The reserved portion of non-institutional investors saw a subscription of 6.7 per cent and that of certified institutional investors (QIIs), .01 per cent.
IRFC, wholly-owned by the Indian government, is the market place borrowing arm of Indian Railways. IRFC, incorporated in 1986, follows a economic leasing model to finance the acquisition of rolling stock assets, which involves locomotives, coaches, containers, wagons, trucks, flats, electric numerous units, trollies and cranes.