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A State-Run Company Just Delivered India’s Best Trading Debut in Two Years

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Indian Railway Catering & Tourism Corp. more than doubled on the first day of trading, the best debut for a mainboard listing since 2017, after its public float emerged as the most sought after for the nation’s state-run firms.

Lured by IRCTC’s monopoly status, investor demand exceeded shares on offer by 112 times, eclipsing the government-owned Housing & Urban Development Corp. and Cochin Shipyard Ltd., whose maiden offerings were oversubscribed more than 75 times in 2017, a record year for Indian IPOs.