The scrip debuted at Rs 25 on BSE, down 3.85 per cent.
The listing was weak compared with the premium unlisted shares of IRFC were commanding in the grey market. A rebound in the secondary market after a five-day selloff failed to lift the counter.
The IRFC IPO, which had been sold in the Rs 25-26 price range during January 18-20, received bids for 432 crore shares against the issue size of 124.75 crore. This resulted in an overall subscription at 3.49 times.
The employee quota for the issue was subscribed a massive 43.76 times. In comparison, the IRCTC IPO had received just 5.81 times bids under the employee quota against a whopping 111.91 times total subscription in October 2019.
In the IRFC IPO, the retail portion was subscribed 3.6 times and the quota reserved for qualified institutional bidders (QIBs) 3.8 times. The high net worth individual segment was subscribed 2.67 times.