IRCTC OFS: ICICI Securities successfully closes Rs 4374 cr Offer For Sale

The IRCTC OFS has been successfully concluded. As many as 3.20 cr equity shares of the Company (20% of the total outstanding equity shares have been sold - 15% as base offer & 5% as green shoe offer) for a total consideration of Rs 4374 cr (at floor price of Rs 1367.00). Post the sale, government will continue to hold a majority stake of 67.40% in IRCTC.

IRCTC OFS floor price was set at Rs 1367 per share (15.5% discount to closing price of INR 1,617.75 on NSE on December 9, 2020). The allocation was made on price priority mechanism at a clearing price of Rs 1377.55.

Strong Investor Response was seen to IRCTC OFS. The transaction received strong demand from across the spectrum of high quality institutional investors and retail investors and was subscribed 1.49 times by non-retail investors and 1.10 times by retail investors.

ICICI Securities was instrumental in getting early and precise feedback from the key anchor investors which helped in launching the deal in a very short span of time.

ICICI Securities uploaded a large early institutional bid into the system on the day of IRCTC OFS to create traction amongst other investors.

ICICI Securities extensive marketing efforts led to procuring demand from all categories of investors across geographies and across Sovereign Wealth Funds, FIIs, mutual funds and insurance companies, AIFs etc. Robust Retail Participation to IRCTC OFS was also seen. I-Sec's efforts in marketing the issue through its I-Direct online portal and retail distribution network to its retail customers resulted in strong demand.
ICICI Securities conducted virtual roadshows with high quality investors in Asia, India, Europe and US for the Company to ensure effective marketing for IRCTC OFS.

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Indian Railway Catering and Tourism Corporation Limited ("IRCTC") is a ''Mini-Ratna' company under the administrative control of the Ministry of Railways, Government of India. IRCTC is the only entity authorized by Indian Railways to provide online railway tickets, catering services to railways and packaged drinking water at railway stations and trains in India. The Company operates one of the most transacted websites 'www.irctc.co' in the Asia-Pacific region.