SEBI has approved the IPO of railway company IRCON, how long will this issue open and what its details are, all answers are here. IRCON’s IPO will open on 17 September, through this issue, the company plans to raise Rs 500 crore. The company builds railway infrastructure and special vehicles for high speed trains. Through this IPO, the government is going to sell 2.08 crore shares or its 10 percent stake, that is, about 99 lakh shares.
IRCON is the government company. It is believed that the government will speed up the PSU to get its specifications to achieve its specifications.
It is a book built type of issue with price band of Rs470 – Rs475 per equity share. The minimum lot size has been set at 30 shares, which at the upper end of the price band accrues to Rs 14250.
The Ircon shares will be listed on the NSE and BSE stock exchange as well.
The company has plan to launch around 1 crore equity shares via this ipo with face value Rs 10 each will be on offer, The employees of Railway will be offered around 5 lakh equity shares.
Last month, the government had introduced the IPO of RITES IPO, which was subscribed up to 67 times. Its shares were listed with a premium of 3 per cent.
IRCON International aka Ircon is the Delhi based company which is incorporated in 1976. It is Government under taking company (Ministry of Railway) doing a business of engineering and construction specialising in infrastructure work such as railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV substation, electrical and mechanical works, development of industrial areas and other infrastructure work as well.
It has ranked 248 out of 250 top international contractors. Ircon currently has 26 offices, five regional offices and around five overseas project offices in Sri Lanka, Bangladesh, Malaysia, South Africa and Algeria.
Checkout here Ircon ipo gmp and grey market premium on daily basis..
IRCON International IPO Review & Recommendation:
IRCON International IPO Details
|Subscription Dates||17 – 19 Sept 2018|
|Issue Price Band||INR 450 – 475|
|Minimum bid (lot size)||30 Shares|
|Minimum bid Price||INR 14250|
|Face Value||INR 10 per share|
|IPO Size||INR 470.49 Cr|
|Issue Type||Book Built Issue IPO|
|Listing At||BSE, NSE|
IRCON IPO Financial Performance (in INR crore)
IRCON International IPO Subscription Status
|Category||Day 1||Day 2||Day 3|
IRCON IPO Tentative Dates: Allotment & Listing Details:
- Bid/Offer Opens On: 17 Sept 2018
- Bid/Offer Closes On: 19 Sept 2018
- Basis of Allotment: On or about: 25 Sept 2018
- Refunds Status: On or about: 26 Sept 2018
- Credit of Equity Shares to demat accounts: On or about: 26 Sept 2018
- Listing Date: On or about: 28 Sept 2018
Objects of the Issue:
- To carry out the disinvestment of up to 9,905,157 Equity Shares by the Selling Shareholder constituting 10.53% of the pre-offer paid up Equity Share capital of the Company
- To achieve the benefits of listing the Equity Shares on the Stock Exchanges
Note: The Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder.
IRCON International IPO Prospectus:
IRCON International IPO Lead Managers:
- IDBI Capital Market Services Limited
- Axis Capital Limited
- SBI Capital Markets Limited
IRCON International IPO Promoters:
- The President of India Acting Through The Ministry of Railways
Company Contact Information:
IRCON International Limited
Plot no. C – 4, District Centre,
Saket, New Delhi -110017, India
Contact Person: Ritu Arora
Company Secretary and Compliance Officer
Telephone: +91 11 2956 5666
Fax: +91 11 2652 2000 / 2685 4000
E-mail: [email protected]
IRCON International IPO Registrar:
Karvy Computershare Private Limited
Karvy Selenium Tower B, Plot 31-32, Gachibowli
Financial District, Nanakramguda
Hyderabad 500 032
Telephone: +91 40 6716 2222
Facsimile: +91 40 2343 1551
Email: [email protected]
Investor Grievance e-mail: [email protected]
Contact Person: M. Muralikrishna
SEBI Registration No. INR000000221