IRFC IPO: State-owned Indian Railways Finance Corporation (IRFC) has opened its first public offer for subscription on January 18, 2021, setting the price band at Rs 25-26 per share. The Rs 4,633.4 crore initial public offer (IPO) has become the first public issue for the calendar year 2021. The price band of the issue, being in the range of Rs 25-26 per share is of the face value of Rs 10 each. The three-day public issue will close on January 20, 2021. The initial public offering of up to 1,78,20,69,000 equity shares consists of a fresh issue of 1,18,80,46,000 equity shares and an offer for sale of 59,40,23,000 equity shares by the government.
The bids for the issue can be made for a minimum of 575 equity shares and in multiples afterward. The shares are proposed to be listed on BSE and NSE. The IRFC IPO listing date is not yet announced.
The Indian Railway Finance Corporation was incorporated in 1986 and is a public-sector enterprise, wholly owned by the central government. IRFC is primarily engaged in financing the acquisition of rolling stock assets, leasing of railway infrastructure assets, and lending to entities under the Railway Ministry. Being the financing arm of Indian Railways, IRFC is responsible to mobilise funds from domestic or overseas market for the Railway Ministry, required to procure rolling stock assets such as wagons, trucks, electric multiple units, locomotives, coaches, along with its improvement, expansion, as well as assets management.
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