Initial Public Offer (IPO) of government company, Ircon International, got good response. On the third and final day of the issue, about 10 percent of the subscribers have been subscribed. The company is estimated to get around Rs 470 crore from the issue. The price band for this issue was Rs 470-475 per share. The IPO was open on September 17 and closed on September 19. Shares will be allocated on September 26. On September 28, the listing of IRCON country's two major stock exchanges will be listed on BSE and NSE.
Total 9.9 crores bid received
The offer to sell 99,05,147 shares through IRCON International IPO was launched. But the issue yielded 9,80,96,580 bids against offers. The reserve of 500,000 shares eligible employees was kept under the offer. Lead managers of this offer are IDBI Capital Markets and Securities, Axis Capital and SBI Capital Markets.
10 rupees per share discount to retail investors
Retail investors and employees get a discount of 10 rupees per share. Minimum 30 shares were to bid for. On the basis of upper price of the price band, investors had to invest at least Rs 13,950.
Company Profile
IRCON is the International Government Engineering and Construction Company. The company is in the development of infrastructure projects, railways, highways, flyovers, bridges, tunnels, aircraft maintenance, construction of commercial and residential properties, runway, electrical and mechanical work, industrial area. The headquarter of the company is in Delhi and abroad in Malaysia. The presence of the company abroad is in Sri Lanka, Bangladesh, South Africa and Algeria.
Order book of Rs 22,406 crore
The company has an order book of Rs 22,406.79 crore. The company has many large orders of Indian Railways. The company's balance sheet is strong and cash rich is considered company. By March 2018, the company has cash and bank balance of Rs 4,691 crore. The company is a debt free company.
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