Investors Money doubled...IRCTC makes a GRAND debut
Indian Railway Catering and Tourism Corporation
(IRCTC) made a Grand debut on Indian
stock markets on Monday, 14th Oct 2019. Listing price was ₹644 per
share, which is a premium to its issue of ₹320 per share.
At 10 am, the stock was trading at ₹652.15 on
BSE, up 103.80% from its issue price
The ₹645 Crore initial public offering
(IPO) was subscribed 112 times at a price band of ₹315- ₹320 per
share. The issue was open for subscription between 30 September and 4 October.
A strong listing was a given for IRCTC as the stock
was quoting at a premium of Rs 220-227 per share in the grey market prior to
listing.
"Based on FY19 consolidated numbers, the issue
is priced at a price to earnings (PE) of 19 times.
IRCTC is a government-run company and only entity authorized
by Indian Railways to provide catering services to railways, online railway
tickets and packaged drinking water at railway stations and trains in India.
www.irctc.co.in is largest e commerce site in India and
sees 7 million logins per day. From 1 September, the company has reinstated the
convenience fee in the range of ₹10-30 per booking on its web and mobile
platforms. This step will bring in incremental revenue potential in the range
of ₹300-900 crore, which mostly go towards increasing profitability.
About Us
We are a neo advisory firm that believes in Goal based investment. We offer advisory services in Mutual Funds and retirement/ Life insurance domain. For any clarification / investment needs call us on +91 9325295502.
We are now on Instagram. Visit us on www.instagram.com/growwealthadvisors
No comments