The company’s market valuation was at Rs 32,605.92 crore on the BSE.
The company is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. (Photo: AFP)
Shares of Indian Railway Finance Corporation Ltd made a tepid debut on the domestic markets on Friday, as the scrip got listed at Rs 25 apiece on the BSE, registering a decline of 3.84 per cent from the issue price. It later, dipped 6.53 per cent to Rs 24.30.
On the NSE, the scrip debuted at Rs 24.90, down 4.23 per cent.
The company’s market valuation was at Rs 32,605.92 crore on the BSE.
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The initial public offer of Indian Railway Finance Corporation Limited (IRFC), which had been sold at Rs 25-26 price range during January 18-20, was subscribed 3.49 times earlier this month.
The issue was subscribed 43.76 times under the employee quota. Whereas, its predecessor, IRCTC IPO received 5.81 times bids under the same quota against 111.91 times total subscription in October 2019.
The company is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.
Its primary objective is to meet the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways through market borrowing at the most competitive rates and terms.
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