The initial public offer of railways engineering and construction firm Ircon International was subscribed 29 percent on the first day of bidding Monday.

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The Rs 470.49-crore IPO received bids for 28,92,870 shares against the total issue size of 99,05,157 shares, data available with the NSE showed.

Non-institutional investors segment was subscribed 4 per cent and retail investors 86 percent.

The issue, which would close on Wednesday, has been set in a price band of Rs 470-475 per share.

The initial public offer is of 9,905,157 shares. IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the offer.

The shares of the company will be listed on BSE and NSE.

First Published:Sept 18, 2018 5:32 AM IST