Ircon International's IPO subscribed 27% on first day of the issue

Ircon's IPO is the second by a government-owned entity this financial year

State-owned transport infrastructure company Ircon International’s initial public offering (IPO) was subscribed at 27 per cent on Monday — the first day of the issue. Most of the bids, so far, have come from retail investors, with the portion allotted to them witnessing 86 per cent subscription. The price band for the issue is Rs 470 to Rs 475 per share. Retail investors applying in the IPO will be offered a discount of Rs 10 per share.  Most retail-focused brokers have advised their clients to subscribe to the IPO. 

“At the IPO price band of Rs 470-475, the stock is available