IRCTC IPO allotment status: How to check
Now, all eyes are on allotment of shares for those who had subscribed to IRCTC IPO. The IPO of IRCTC, which closed for subscription on October 3, attracted bumper demand and the issue was subscribed nearly 112 times. The allotment process is likely to be completed by today evening or tomorrow. Investors can check their allotment status by through this link ipo.alankit.com by entering their PAN or application number. The registrar of the IRCTC IPO, Alankit Assignments, will take care of share allotment and refund processing.
As compared to 2.02 crore shares on offer from IRCTC in the IPO, investors bid for 225 crore shares of IRCTC. After the IPO, the government's stake in IRCTC will come down to 87.4%.
IRCTC shares are likely to get listed on both BSE and NSE on 14th October. And according to news reports, IRCTC shares are changing hands at a hefty premium in the grey market, indicating strong listing gains.
The retail segment of IRCTC IPO was subscribed nearly 15 times. In case of an over-subscription of an IPO, allotment happens as per predefined rules.
The total number of shares available for retail investors is divided by the minimum lot size, which in IRCTC's case was 40. This determines the maximum number of applicants who will receive allotment. If the number of applicants are more than this, a lottery is held.
Many brokerages had recommended subscribe to the IRCTC IPO, citing its monopolistic nature of business, attractive valuation, and a good dividend pay-out track record of the company. Analysts also said that the recent corporate tax cut and restoration of service charges on ticket bookings will also benefit IRCTC's earnings.
IRCTC is authorised by Railways to offer train tickets online, offer catering service and exclusively manufacture and supply packaged drinking water at railway stations and on trains in India. It has also recently ventured into the business of operating trains.