Ircon International IPO subscribed nearly 10 times

State-run construction company Ircon International Ltd's initial public offering (IPO) to raise 4.70 billion rupees ($64.80 million) was subscribed nearly 10 times on the final day of sale on Wednesday.

Investors bid for 96.6 million shares, or 9.76 times the 9.9 million shares on offer, stock exchange data as of 1300 GMT showed.

Ircon International, which is into construction of transportation infrastructure, had set a price range of 470 rupees to 475 rupees for the offering.


The New Delhi-headquartered company is the second company after RITES Ltd in which the Ministry of Railways has sold a part of its stake in an initial share sale this year.

IDBI Capital Markets & Securities, Axis Capital, SBI Capital Markets are the book-running lead managers for the issue.