September 28, 2018 / 4:58 AM / 2 months ago

Ircon International falls on debut after $64.8 million IPO

A rupee note is seen in this illustration photo June 1, 2017. REUTERS/Thomas White/Illustration/Files

(Reuters) - Shares of state-run construction company Ircon International Ltd fell as much as 13 percent on its trading debut on Friday, after a 4.70-billion-rupee ($64.77 million) initial public offering (IPO).

By 0432 GMT, the shares were trading at 433 rupees, much lower than the IPO issue price of 475 rupees.

The IPO was subscribed nearly 10 times on the final day of sale last week.

($1 = 72.5700 Indian rupees)

Reporting by Tanvi Mehta in Bengaluru; Editing by Sunil Nair

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