IRFC shares debut on muted note; decline over 4%

IRFC shares debut on muted note; decline over 4%

Representative image. Credit: iStock.

Shares of Indian Railway Finance Corporation Ltd on Friday made a muted market debut, listing with a discount of over 4 per cent against its issue price of Rs 26.

The stock listed at Rs 25 apiece, registering a decline of 3.84 per cent from the issue price on the BSE. It later, dipped 6.53 per cent to Rs 24.30.

On the NSE, it debuted at Rs 24.90, falling 4.23 per cent.

The company's market valuation was at Rs 32,605.92 crore on the BSE.

The initial public offer of Indian Railway Finance Corporation Limited (IRFC) was subscribed 3.49 times earlier this month.

Price range for the offer was fixed at Rs 25-26 per share.

The company is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets.

Its primary objective is to meet the predominant portion of 'extra budgetary resources' requirement of the Indian Railways through market borrowing at the most competitive rates and terms.