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Published on 1/10/2018 12:08:16 PM | Source: Dion Global Solutions Ltd

Ircon International Ltd. debuts with 13.62% discount at Rs 410.30

Ircon International Ltd. makes a weak debut on the bourses with scrip got listed at Rs 410.30 on the Bombay Stock Exchange, a 13.62 per cent discount to its issue price of Rs 475.00. On the National Stock Exchange, the stock was listed at Rs 412.00. The company, which raised 0.99 Cr from initial public offering, was subscribed 9.57 times, receiving bids for 947.92 lakhs shares against the total issue size of 99.05 lakhs shares.

The company, listed under B Group Securities post its IPO, opened for subscription from Sep 17 to Sep 19. Following a weak opening, the scrip touched an intraday high of Rs 464.40 and a low of Rs 410.30, before closing the session up by 12.28 per cent to its listing price at Rs 416.65 on the BSE. The company anticipates using the proceeds of the issue for (i) To carry out the disinvestment of upto ,, Equity Shares, including Employee Reservation Portion, by the Selling Shareholder constituting % of the Company’s preOffer paid up Equity Share capital the Company(ii) To achieve the benefits of listing the Equity Shares on the Stock Exchanges.

The Company will not receive any proceeds from the Offer and all proceeds shall go to the Selling Shareholder. J Sagar Associates,J Sagar Associates as lead managers & KARVY COMPUTERSHARE PRIVATE LIMITED is the registrar, to the issue. Meanwhile, the broader benchmark BSE Sensex closed trade at 36,227.14, down 97.03 points, or 0.26 per cent.