IRCTC's bumper stock market debut triggers hilarious memes on Twitter

As the shares of Indian Railway Catering and Tourism Corporation (IRCTC) zoomed on its debut on the stock market, Twitter went berserk with memes. On October 14, the shares were listed at the issue price of Rs 320 which skyrocketed to Rs 644 on the Bombay stock exchange (BSE), registering a 101.25 per cent jump. Similarly, the issue price on the National Stock Exchange (NSE) zoomed to Rs 626, with 95.62 per cent jump.

Read: IRCTC Makes Blockbuster Entry; Zooms Over 101% In Debut Trade

Intraday high and closing price

But the share price didn’t stop there as it was just the opening price. The intraday high of the share stood at Rs 743.80 while it closed at Rs 727.75. Recently, IRCTC faced oversubscription after it decided Rs 645-crore of initial public offering (IPO). It was subscribed around 112 times, making it the best-subscribed IPO since Apollo Micro Systems which was subscribed 250.7 times. Nearly 2.02 crore shares were on offer but the investors bid for 225 crore shares.

Read: IRCTC IPO Faces Oversubscription On Last Day Of Bidding

Twitter explodes with memes

While many people got lucky to get the shares they had subscribed for, a lot of people failed.

Twitter was abuzz with memes after the price of shares skyrocketed.

IRCTC raised Rs 645 crore

After the initial public offering, the government’s stake in the IRCTC has reduced to 87.4 per cent. The 3-day IPO, that ended on October 03, was aimed at raising 645 crores. The Indian Railways, which is the fourth-largest rail network in the world, is the only entity authorised by the Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India.

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