The initial public offer (IPO) of the Indian Railway Finance Corporation (IRFC) was subscribed 1.22 times on Tuesday, the second day of the bidding.

The offer received bids for 1,52,64,04,775 shares against 1,24,75,05,993 shares on offer, as per the data available with NSE. The category reserved for non-institutional investors was subscribed 24 percent and retail individual investors (RIIs) 2.33 times.

The initial public offer (IPO) is of up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore shares and an offer for sale of up to 59.40 crore shares. The price range for the offer has been fixed at Rs 25-26 per share. At the upper end of the price band, the IPO is expected to fetch Rs 4,633 crore. IRFC had on Friday raised a little over Rs 1,398 crore from anchor investors. DAM Capital Advisors, HSBC Securities and Capital Markets (India), ICICI Securities are the managers to the offer.

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