Heavy Demand For Indian Railways Finance Corp, Indigo Paints IPO; Zerodha Face Outage
Indian Railway Finance Corporation and Indigo Paints are making waves in financial circles as the two hot initial public offers in the market.
However, Zerodha, which is India’s largest institutional broking firm is also in the spotlight due to the fact that its platform crashed on Wednesday during the peak market hours as users rushed to place orders for these two IPOs. Read the story to know more.
As per data in September 2020, Zerodha has nearly 3 million users and currently owns the largest share of the pie in the institutional broking industry. The crashed platform infuriated many investors interested in the offerings and complained complained on Twitter as the website restricted them from applying for the IPOs.
According to Nithin Kamath, CEO Zerodha, the systems did not completely crash but was down for a while. According to him, since many people were vying for the offering and applying at the same time, the system was slow but also working. Trying multiple times could have worked for the investors.
According to the Down Detector website which gives real time overview of issues and outages with all kinds of services, said that the outage peaked around 11:15 am and normalized around 5 pm, when the market closed for IPO subscription.
IRFC & Indigo Paints IPO:-
Since the IPO bonanza has lit up the street once again, the investors are going gaga. The IRFC’s ?4,634 crore IPO concluded today with a subscription of a little over 3 times the offer value, and at the same time, Indigo Paints’ ?1000 crore IPO opened for public subscription — the issue was subscribed fully within a few hours.
On the basis of various factors, like strong valuation to robust business growth and healthy financials, nearly all brokerages gave top recommendations to both the IPOs.
Even before opening for public subscription, Indigo Paints’ IPO was hot in the grey market. The grey market data showed that people were ready to pay a premium of ?800-810 over the set price band of ?1480 – ?1490 per share.