The preliminary public providing (IPO) of Indian Railway Finance Corporation (IRFC) price about Rs 4,600 crore will hit the market on January 18, Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey mentioned on Wednesday.
“IRFC coming up for listing with a Rs 4600 cr+ issue in a price band of Rs 25-26 per share. Anchor book on Jan 15 and the main book from Jan 18-20,” he tweeted.
This would be the first IPO by a railway non-banking monetary firm (NBFC).
In January 2020, IRFC had filed draft papers for its IPO.
The problem is of as much as 178.20 crore shares, comprising a contemporary problem of as much as 118.80 crore shares and supply on the market of as much as 59.40 crore shares by the federal government, in keeping with the draft prospectus.
The firm’s principal enterprise is to borrow funds from the monetary markets to finance acquisition/ creation of property that are then leased out to the Indian Railways.
IRFC, arrange in 1986, is a devoted financing arm of the Indian Railways for mobilising funds from home in addition to abroad markets. Its major goal of IRFC is to satisfy the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways by way of market borrowings on the best charges and phrases.
The Union Cabinet had in April 2017 accepted itemizing of 5 railway firms. Four of them — IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp — have already been listed.
