New Delhi: Shares of Indian Railway Catering and Tourism Corporation (IRCTC) more than doubled in debut trade on Monday, skyrocketing 129 per cent against its issue price of Rs 320 per share.
The stock zoomed 127.69 per cent to close at Rs 728.60 on the BSE after listing at Rs 644, reflecting a rally of 101.25 per cent as compared to the issue price in early trade. During the day, it jumped 132.43 per cent to hit a high of Rs 743.80.
On the NSE, it soared 129 per cent to close at Rs 733.
Speaking at the listing ceremony of IRCTC on the BSE, its CMD, Mahendra Pratap Mall said he was overwhelmed with the response the company received. "We have more than doubled the wealth of investors. This showcases the trust of our customers and stakeholders on the brand called IRCTC and the services it provides. The investor demand exceeded shares on offer by 112 times, making us the most sought after state-run firm."
He further added that, "With the company's diversification plans for future and growing services across categories, IRCTC aims to stand out as a full-service hospitality and tourism brand of India."In traded volume, 54.40 lakh shares of the company were traded on the BSE and 4.52 crore shares on the NSE during the day.
IRCTC commands a market valuation of Rs 11,657.60 crore on the BSE.
Rallying over 100 per cent on listing day, IRCTC has surpassed the stellar debut gains of Avenue Supermarts that surged up to 102 per cent against its issue price in 2017.