Sunday, October 2, 2022

11% DOWN IN A WEEK, IRCTC SHARE TO MORE COME DOWN AFTER OFS SHARE ALLOTMENT: ANALYSTS

IRCTC share fell down by 11.48% in the last one week, since December 9 closing. The stock was down 2.75% on Tuesday to ₹1,439. Analysts at Angel broking assume IRCTC share price to more come down on December 16. “We expect IRCTC stock to come down after the allotment of shares of OFS i.e. 17th December 2020. Pre-OFS Promoter shareholding is 87.5% and post-OFS it will come down to 67.5%, by this very important supply will come on the day of allotting of OFS share to investors,” says Yash Gupta Equity Research Associate, Angel Broking.

The two-day IRCTC OFS had begun on Thursday, with the first day on December 10 booked for non-retail investors and the other day for retail investors.

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On the First day of IRCTC OFS, it got oversubscribed by 1.97x times from the non-retail category. Now the organization has fixed the cutoff rate of 1377.56 after the first day of bidding. Total OFS is 20% of paid-up equity share capital.

Angel Broking assumes limited listing increases and gives a ‘Neutral’ rating to the IRCTC OFS issue. The brokerage continues cautious on the near-term business prospects of the company.

But given the monopolistic nature of the business and strong increase expected post FY2021, the brokerage remains positive on the long-term prospects of the company.

The IRCTC stock was registered on the stock exchanges in October 2019. The shares had hit a 52-week high of ₹1,996 in February this year before falling to ₹774.86 in March between the pandemic-induced selloff in equity markets.

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