The Indian Railways' arm IRCON International made its market debut at a discount of 13.62% to Rs 410.30 per piece compared to the IPO issue price of Rs 475 per piece. The discount listing was on the back of weak market sentiments since past two weeks. At around 1254 hours, IRCON is trading at Rs 445 per piece which is higher by Rs 34.70 or 8.46% compared to their listing price. However, it is lower by Rs 30 or 6.32% as against the IPO issue price. 

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IRCON is listed on BSE under  'B' Group Securities.

The company’s IPO issue completed on September 19, getting oversubscribed by 9.9 times. IPO was offered at a lower price band of Rs 470 per piece and upper band of Rs 475 per piece. Overall, the Railway ministry planned to raise nearly Rs 470 crore. 

IRCON has delivered 27% revenue CAGR over FY16-18 with operating margin of 11% in FY18. Net profit remained stagnant at Rs 4 billion over FY16-18, mainly impacted by decline in other income. By end of FY18, the company's strong order book of Rs 224 billion provides revenue visibility for the next few years. 

Currently, the market cap of IRCON stands at Rs 4,162.25 crore. This is also lower than what analysts had expected. According to Centrum,  IRCON's market capitalization on stock exchanges was seen between Rs 4,420 crore to Rs 4,467 crore.