News18» News»Business»Indian Railway Finance Corporation Share to be Listed Today on BSE, NSE
1-MIN READ

Indian Railway Finance Corporation Share to be Listed Today on BSE, NSE

Image for representation

Image for representation

The initial public offer was opened on January 18 and closed on January 20 with a fixed price of Rs 25-26 per share.

Shares of the Indian Railway Finance Corporation (IRFC) is all set to be listed on BSE and NSE on Friday, January 29. The initial public offer was opened on January 18 and closed on January 20 with a fixed price of Rs 25-26 per share. Within the three days of the offering, the retail portion of the IRFC IPO was subscribed 3.6 times while 3.8 times subscription was made for the quota reserved for qualified institutional bidders. Also for the high net worth individual segment, the subscription was made 2.67 times.

According to the market experts, it is believed that the IRFC listing price will not go beyond Rs 30-31. The company is likely to pick up after Budget as there are expectations of some big announcements in the rail infra sector.

The IRFC IPO received bids for 432 crore shares against the issue size of 124.75 crore. Also, the company had raised about Rs 1,400 crore from anchor investors ahead of the IPO. There was a fresh issue of up to 118.80 crore shares and an offer for sale (OFS) of 59.4 crore shares made.

The main agenda behind the IPO is to augment the company's equity capital base to meet future growth requirements and general corporate purposes.

RELATED NEWS

IRFC, the public-sector enterprise, is the first non-banking financial company (NBFC) which is going public. Registered with the Reserve Bank of India (RBI) as an NBFC, IRFC is classified under the category of an 'Infrastructure Finance Company' of the Reserve Bank of India Act.

It was on 25 February 2020, when IRFC received the approval for its public issue by the Securities and Exchange Board of India (SEBI). While, in the month of April 2017, the Union Cabinet approved listing of five railway companies out of which four have already been listed namely IRCON International Ltd, RITES Ltd, Rail Vikas Nigam Ltd and Indian Railway Catering and Tourism Corp (IRCTC).

Loading...