Indian Railway Finance Corporation IPO Now Open, Check Out Details Here

Indian Railway Finance Corporation IPO consists of sale of up to 178.20 crore shares, including a fresh issue of up to 118.80 crore.

New Delhi: The public sector enterprise  Indian Railway Finance Corporation’s (IRFC) initial public offering (IPO) is now open for subscription. The IPO will remain open till January 20.  According to a PTI report  the IPO comprises up to 178.20 crore shares, comprising a fresh issue of up to 118.80 crore and offer-for-sale of up to 59.40 crore shares by the government. The price band has been fixed in the range of Rs 25-26 per equity share and at the upper end of the price band, the IPO is expected to fetch Rs 4,633.4 crore. On Friday, the company raised Rs 1,390 crore from anchor investors.

IRFC which is the financing arm of the railways was established in 1986 and is under the administrative control of the Ministry of Railways. Reports say that investors are eligible to  bid for a minimum one lot of 575 shares and in multiples up to 13 lots, amounting to 7,475 shares

The report says that in April 2017, the Union Cabinet had 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.

The Non-Banking Financial Company (NBFC) would utilise the proceeds of the IPO for augmenting equity capital base to meet future capital requirements and general corporate purposes.

Meanwhile, Pune-based Indigo Paints would open on January 20 and conclude on January 22.  The IPO of Sequoia Capital-backed Indigo Paints comprises fresh issuance of stocks aggregating to ₹300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Sequoia Capital and promoter Hemant Jalan. The price band for the issue has been fixed at ₹1,488-1,490 a share for its initial share-sale. The public issue would get ₹1,170.16 crore at the upper end of the price band, as per Mint.