Ircon IPO opens today, should you subscribe?

The price band of the offer has been fixed between Rs 470-475 per share of the face value of Rs 10 each.

IPO News: The initial public offer (IPO) of Ircon International (Ircon) opens today for subscription. The government plans to divest around 10 per cent in its railway subsidiary.

Established in 1976, this Miniratna is an integrated engineering and construction company (EPC), specialising in major infrastructure projects, including railways, highways, flyovers, tunnels, aircraft maintenance hangars etc.

Issue details - Ircon IPO

The issue consists entirely of an offer for sale (OFS) of 9,905,157 shares with 5 per cent shares being reserved for Ircon’s employees. The retail investors and employees will be offered a discount of Rs 10 per share. As the issue is 100 per cent OFS, the company will not receive any funds raised from the issue.

The price band of the offer has been fixed between Rs 470-475 per share of the face value of Rs 10 each. At the upper end of the price band, the IPO is expected to fetch Rs 470 crore. The number of shares in each lot has been fixed at 30.

So, should you invest in the public offer? Here's a list of what top brokerages have to say.

Ircon International IPO