IRFC IPO subscribed 3.49 times on final day

NEW DELHI: The initial public offer of Indian Railway Finance Corporation Limited was subscribed 3.49 times on the final day of bidding on Wednesday.

The of fer received bids for 4,35,22,57,225 shares against 1,24,75,05,993 shares on offer.

Q u a l i f i e d Institutional Buyers (QIBs) category was subscribed 3.78 times, non institutional investors 2.67 times and retail individual investors (RIIs) 3.66 times.

The initial public of fer of up to 178.20 crore shares, comprises 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 was fixed at Rs 2526 per share.

IRFC had raised a little over Rs 1,398 crore from anchor investors.

It is a dedicated financing arm of the Indian Railways for mobilising funds from markets.