IRFC IPO opens today with price band of Rs 25-26 per share

IRFC IPO opens today with price band of Rs 25-26 per share

FPJ Web DeskUpdated: Monday, January 18, 2021, 11:37 AM IST
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The Rs 4,633 crore IPO of Indian Railway Finance Corporation (IRFC) opens today with the price band fixed in the range of Rs 25-26 per equity share. The IPO worth over Rs 4,633 crore would close on January 20.

The IPO of the NBFC comprises up to 178.20 crore equity shares of Rs 10 each, including a fresh issue of 118.80 crore shares and an offer for sale of 59.4 crore equity shares.

On Friday, the company raised a little over Rs 1,390 crore from anchor investors. A total of 5,34,563,007 equity shares have been allocated to 31 anchor investors at an upper price band of Rs 26 per equity shares, the company said in a statement.

At this price, IRFC has garnered Rs 1,398.63 crore from anchor investors. The anchor investors include HDFC Trustee Company Ltd, Nippon Life India Trustee Ltd, Government of Singapore, Monetary Authority of Singapore, Kuwait Investment Authority Fund, Kotak Mahindra (International) Ltd, Goldman Sachs (Singapore) PTE, Tata AIG General Insurance Co Ltd, and Aditya Birla Sun Life Insurance Co Ltd.

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.

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 is to meet the predominant portion of the '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 the 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 been listed.

(Inputs from PTI and IANS)

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