State-owned IRFC aims to raise Rs 4,634-crore from the IPO. It will be the first public issue of the new calendar year 2021.
The initial public offering (IPO) of State-owned Indian Railway Finance Corporation (IRFC) is scheduled to open on January 18. The Rs 4,634-crore IRFC IPO will be the first public issue of the new calendar year 2021.
The IPO will open on January 18 and close on January 20. The price band of the IPO will be of Rs 25-26 per share.
"IRFC coming up for listing with a Rs 4600 cr+ issue in a price band of Rs 25-26 per share. Anchor book on January 15 and the Main book from January 18-20," said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) on Twitter.
The issue includes a reservation of equity shares worth Rs 50 lakh for subscription. It will constitute up to 13.64% of the post issue paid-up equity share capital of the firm.
It may be noted that IRFC will not receive any proceeds from the offer for sale and the same will be received by the Centre.
IRFC is the dedicated financing arm of the Indian railways and was established in 1986. It is a public sector enterprise under the administrative control of the Ministry of Railways.
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.
IRFC, which received Sebi’s approval for its public issue on February 20 last year, will utilise the net proceeds towards boosting the company’s equity capital base to meet future capital requirements. Its shares are proposed to be listed on BSE and NSE.
The government had approved listing of five railway companies in April 2017. Four of them -- IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp (IRCTC) - have already been listed.
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