Indian Railways financing arm IRFC or Indian Railway Finance Corporation will hit its primary issue by the end of this month. The uniqueness of the IPO lies in the fact that for the first time PSU company will raise funds from anchor investors.
"By early next week we'll file the updated draft red herring prospectus (UDRHP). We expect to get the SEBI approval very soon. If not by December-end, then by first week of January, we may launch the IPO," IRFC Chairman and Managing Director Amitabh Banerjee told a leading business daily.
The IRFC IPO will see sale of 178.21 crore equity shares, comprising a fresh issue of 118.80 crore equity shares, and an offer for sale of 59.4 crore equity shares by the Government of India. So, the overall issue size aggregates to Rs. 4600 crore issue which include fresh issuance of Rs 3,100 crore and OFS Rs 1,500 crore.
This shall be the fifth railways company to hit the streets and the listed ones are RITES, IRCON, IRCTC, Rail Vikas Nigam.