The Indian Railway Finance Corporation (IRFC) has opened its initial public offering on Monday. The IRFC IPO is not only the first by a non-banking financial company (NBFC) in the public sector, but also becomes the first IPO for the year 2021.
The IPO will be available for subscription till January 20, 2021.
Through the IPO, the company offers 1,78,20,69,000 equity shares of the face value of Rs10 each which comprises of - fresh issue of up to 1,18,80,46,000 Equity Shares and an offer for sale of up to 59,40,23,000 Equity Shares.
The company plans to raise approximately Rs4,600cr from the IPO.
A price band of Rs25-Rs26 per equity share has been fixed.
Bid lot size involves 575 Equity Shares and in multiples thereof.
Companies like DAM Capital Advisors (formerly known as IDFC Securities), HSBC Securities and Capital Markets (India), ICICI Securities and SBI Capital Markets are acting as the book running lead managers (BRLM).
IFRC has already garnered over Rs1,398cr from 31
anchor investors on Sunday, with bids of total 5,34,563,007 equity shares at the upper price band of Rs26 per share.
Some of the anchor investors that bid in IRFC's offering were - HDFC, Nippon Life, Invesco, ITPL, Monetary Authority of Singapore, SBI Pension Fund, PNB Paribas, Kuwait Investment Authority, Kotak Mahindra International, Tata AIG General Insurance, Rising India Focus Fund and Aditya Birla Sun Life Insurance.
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