New Delhi: The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC) is all set to hit the market on January 18.
IRFC, set up in 1986, is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. Its primary objective of IRFC is to meet the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways through market borrowings at the most competitive rates and terms.
The Union Cabinet had in April 2017 approved listing of five railway companies. Four of them — IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp — have already been listed.
Here is all about Indian Railway Finance Corporation IPO
IRFC is coming up for listing with about Rs 4,600 crore issue.
It will be in a price band of Rs 25-26 per share.
Anchor book starts on January 15 and the main book will begin from Jan 18-20.
This will be the first IPO by a railway non-banking financial company (NBFC).
This will also be the first IPO of 2021.
In January 2020, IRFC had filed draft papers for its IPO.
The issue is of up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore shares and offer for sale of up to 59.40 crore shares by the government.
With PTI Inputs