New Delhi: Indian Railways is going to hit the stock market soon. The Modi government is taking all kinds of measures to benefit the loss-making railway. IRCTC, the largest railway company, will list its IPO in the Navratri market. All preparations have been made to launch the IPO on behalf of the company. Navratri is starting from 29th September this time. The company has not disclosed how much price band it will keep.
IRCTC has submitted documents with capital market regulator SEBI for the IPO. IRCTC is the tourism and catering unit of the Railways. The government will offer two crore shares of IRCTC with a face value of Rs 10 for sale through an IPO. The company has targeted to raise Rs 600 crore from the market. As per the draft, the company will issue two crore shares with a face value of Rs 10.
For this IPO, the company has appointed IDBI Capital Market & Securities, SBI Capital Market and Yes Capital as its managers. According to the draft red herring prospectus, IRCTC is the only company authorized by the Indian Railways for catering service, online ticket booking and bottled water supply. IRCTC will list its shares on BSE and NSE. After entering the stock market, the Railways will increase its stake in it.
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