Indian Railways' subsidiary IRCTC has reportedly fixed the price band for its initial share sale offer between Rs 315 and 320 per share, said a media report.
The state-run Indian Railway Catering and Tourism Corporation (IRCTC) will launch its initial public offering (IPO) tomorrow (30 September).
Representational picture. Reuters
IRCTC reportedly fixed the price band of its IPO between Rs 315 and 320 per share after talks with merchant bankers, said a report in Moneycontrol.
The government is planning to raise up to 645 crore at the price band through the IPO, which will close on 3 October, said the report.
About 2 crore equity shares of face value of Rs 10 each would be offloaded through the offer for sale by the government.
Last month, IRCTC had filed draft papers with markets regulator Securities and Exchange Board of India (SEBI) for its IPO.
IDBI Capital Markets & Securities, SBI Capital Markets and YES Securities (India) are the managers to the offer.
IRCTC is the only entity authorised by the Indian railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India, according to the draft red herring prospectus (DRHP).
IRCTC generated Rs 1,957 crore revenue during FY19, a rise of 25 percent from the previous fiscal, the firm’s DRHP stated. The PSU’s net profit jumped 23.5 percent on-year to Rs 272.60 crore during fiscal 2019.
The CPSE has also diversified into other business segments like e-catering, executive lounges and budget hotels.
— With PTI inputs
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