IRFC IPO subscribed 65% on first day

NEW DELHI:

The initial public offer of the Indian Railway Finance Corporation (IRFC) was subscribed 65 per cent on the first day of subscription on Monday.

The offer received bids for 80,89,30,700 shares against 1,24,75,05,993 shares on offer, as per data available with the NSE.

The category reserved for non-institutional investors was subscribed 9 per cent and retail individual investors 1.25 times.

The IPO is of up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore shares and an offer for sale of up to 59.40 crore shares.

Price range for the offer, which is scheduled to close on Wednesday, has been fixed at Rs 25-26 per share.

At the upper end, the IPO is expected to fetch Rs 4,633 crore. IRFC had raised Rs 1,398 crore from anchor investors.