Street signs: IRCTC IPO, financials meltdown hurts FPIs, and more

HNIs to break even if IRCTC lists at Rs 500  

High-net worth investors (HNIs) have placed leveraged bets worth more than Rs 30,000 crore on the initial public offering (IPO) of Indian Railway Catering And Tourism Corporation (IRCTC). The Rs 640-crore IPO of the state-owned railway ticketing company had garnered over 110 times subscription on an overall basis, while the HNI portion was oversubscribed 350 times. Bankers said the subscription figure had exceeded expectations and pushed up the break-even cost for HNIs. “HNI will only make money if the issue lists at over Rs 500 per share,” said a banker. This