Indian Railway Finance Corporation (IRFC), the dedicated market borrowing division of the Indian Railways, raised Rs 1,390 crore from 31 anchor investors on January 15, ahead of its Initial public offering ( IPO).

The Rs 4,633-crore preliminary public issue of state-owned entity will open for bidding on January 18, with a price band of Rs 25-26 per share. The same will close for subscription on January 20.

"The company and selling shareholders, in consultation with merchant bankers, has finalized allocation of 53,45,63,007 equity shares to anchor investors, at an upper price band of Rs 26 per share," IRFC said in a stock exchange filing.

The company acquired Rs1,389.86 crore from anchor investors. HDFC Trustee, govt of Singapore, Monetary Authority of Singapore, Invesco India, Kuwait Investment Authority, SBI Pension Fund, Goldman Sachs, BNP Paribas and Tata AIG were amongst the marquee names on the anchor investors' list.

The initial public offering of 1,78,20,69,000 equity shares comprises a fresh issue of 1,18,80,46,000 equity shares and an offer for sale of 59,40,23,000 equity shares by the President of India. The issue includes a reservation of Rs 50 lakh worth of shares for eligible employees.

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