IRCON International Limited IPO - Should you subscribe?
In June 2018, Ministry of Railway's PSU RITES Ltd launched its IPO. It was the first PSU IPO of Fiscal 2019. Even in the depressed market sentiments during that period and poor performance of PSU IPOs in the recent past viz. Hindustan Aeronautics Ltd and Bharat Dynamics Ltd , RITES Ltd IPO received a huge response from every category of investors (except employees quota). The subscription figures were quite fabulous, the issue was oversubscribed by more than 66 times. On the listing day also, it listed with a bang, the share listed with 21% premium to its issue price. Currently, the share is trading at 37% premium to its issue price. So, far the share has given outstanding return to its subscriber. Now, in September 2018, yet another Ministry of Railway's PSU - IRCON International Ltd -is going to hit the primary market with its IPO. The issue is opening on September 17, 2018 and closing on September 19, 2018. The tentative dates of allotment and listing are September 2