India’s first IPO listing of 2021 IRFC lists at 4% discount over issue price
- It was a tepid debut for the ₹4,634 crore (about $634 million) IPO of IRFC on the bourses today.
- The stock listed at ₹25, which is at an 4.23% discount to the set price band at ₹25-26 per share.
- The ₹4,634 crore share sale concluded with the subscription of little over 3 times the offer value on January 20.
- Check out the latest news and updates on Business Insider.
Within minutes after listing, the shares of IRFC lost nearly 4.42% of their value and were trading at ₹24.85 apiece at 10:10 am in an otherwise robust market.
Subdued listing was on the cards!
The ₹4,634 crore share sale concluded with the subscription of little over 3 times the offer value on January 20.
Even brokerages which gave it a “subscribe” rating advised investors to see it with a long-term investment horizon. The analysts believe that the IPO was attractively priced and the company has a strong business outlook, which can mint great money for the investors in the long term.
Advertisement“Looking at the strong business profile of the company, but with limited growth aspects, we give Subscribe rating for long term. That said, we are not expecting any major negative movement for the stock after listing,” said Astha Jain at Hem Securities.
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