IPO launched by IRCTC to open on Sept 30
Mumbai: Indian Railway Catering and Tourism Corporation (IRCTC), the railways’ online ticketing, tourism and catering arm, on Wednesday announced the launch of its Initial Public Offering (IPO), in a bid to raise approximately Rs. 645 crore at the upper end of the price band.
The IPO, with a price band of Rs. 315 to Rs. 320 per equity share, will open on Sept 30 and close on Oct 3.
The issue comprises an offer for sale of 2,01,60,000 shares of face value of Rs. 10 each by the President of India, acting through the Ministry of Railways (the selling shareholder).
Out of the total issue size, 1,60,000 equity shares are reserved for eligible employees.
The company has offered a discount of Rs. 10 per Equity Share on the Offer Price for the retail category and to eligible employees. The company said it will not receive any proceeds from the offer and all proceeds shall go to the selling shareholder.
The book running lead managers to the offer are IDBI Capital Markets & Securities Limited, SBI Capital Markets Limited and YES Securities (India) Limited.
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