Ircon IPO that opened on Monday and closed on Wednesday subscribed over 9.41 times on the last day. About 91424190 shares were bid. The price band was set at ₹470 – ₹475 per share for a total of 99,05,157 shares.
This is a part of the government’s bigger picture to earn ₹80,000 cr from sale of stakes at various state-owned companies. In this case, it has sold its 10% stake in the company.
Book running lead managers
IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the issue. The allotment is expected on September 24, amount will be unblocked on September 25 and listing on September 26.
Ircon International Limited was incorporated by the Central government in 1976. It operates in various states and and countries including Malaysia, Nepal, Bangladesh, Sri Lanka. Railway and Highway construction, EHP sub stations and MRTS are its core competence areas.
The company has completed over 300 infrastructure projects in India and over a 100 across the globe.