The government’s Thursday-Friday offer for sale (OFS) of Indian Railway Catering and Tourism Corporation (IRCTC) received bids worth Rs 5,086 crore, 1.87 times the amount offered, thanks to institutional investors.

According to BSE data on Friday (at 3:30 pm), non-retail investors accumulatively bid about 74.74 million shares worth Rs 5,082 crore, 1.87 times the size of the OFS issue of Rs 2,720 crore billion (40 million shares).

However, OFS received a poor response from retail investors who subscribed for 74,568 shares, or 3.73% of the 2 million shares set aside for them. The floor price for the offer was fixed at Rs 680 per share, a discount of 7.4% to the BSE’s closing price of Rs 734.7 on Wednesday. On Friday, the stock fell 2.47% to close at Rs 672.15 per share. Only non-retail investors were allowed to bid on Thursday, while the question was open to both retail and non-retail investors on Friday.