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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 ₹26.
The stock listed at ₹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 ₹24.30.
On the NSE, it debuted at 24.90, falling 4.23 per cent.
The company’s market valuation was at ₹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.
Also read: IRFC IPO to raise ₹4,600 cr; issue opens on Jan 18
Price range for the offer was fixed at ₹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.
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