IRFC, India’s first IPO of 2021, kicks off on January 18 — price band set at ₹25-26
- IRFC IPO will open on January 18 and remain open till January 20. This makes it the first IPO to hit the capital markets in 2021.
- The company has set the price band of the issue in the range of ₹25-26 per share.
- An investor can apply for a minimum bid of 575 equity shares and in multiples thereafter.
- Check out the latest news and updates on Business Insider.
The company has set the price band of the issue in the range of ₹25-26 per share of the face value of ₹10 each. The IPO comprises a fresh issue of 59.43 crore equity shares and offer-for-sale of up to 118.80 crore shares.
Indian Railway Finance Corporation opens next week
|Opens on||January 18|
|Closes on||January 20|
|Price band||₹25-26 per share|
|Minimum bid||575 equity shares|
|Reservation for qualified institutional buyers||50%|
|Reservation for non-institutional buyers||15%|
|Reservation for retail investors||35%|
Once the IPO is concluded, the shares are likely to hit the bourses on January 29. The equity shares will be listed on both the exchanges — BSE and NSE. DAM Capital Advisors, HSBC Securities and Capital Markets, ICICI Securities and SBI Capital Markets are the lead managers for its initial public offering (IPO).
AdvertisementIndian Railway Finance Corporation IPO: All you need to know
- The company’s primary business is financing the acquisition of Rolling Stock Assets and Project Assets of the Indian Railways and lending to other entities under the Ministry of Railways.
- IRFC is registered with the Reserve Bank of India as an NBFC and is classified under the category of an ‘Infrastructure Finance Company’ of the Reserve Bank of India Act. And, IRFC IPO will be the first by a non-banking financial company (NBFC) in the public sector.
- It is worth noting that IRFC will not receive any proceeds from the offer for sale and the same will go to the Government of India, the promoter of the company.
- The grey market premium suggests an upside of ₹1-2 for the price band set at ₹25-26 per share.
Amid all the Bitcoin hype, another Indian cryptocurrency startup CoinSwitch Kuber gets $15 million in funding
- Brands like Burberry and Armani as well as online retail help Asia’s second richest man bag record retail profit
- Madhya Pradesh Assembly budget session between Feb 22-Mar 26
- Reliance Industries Oct-Dec 2020 earnings were below estimates
- Reliance Jio’s profit grows 15% but new subscribers are the lowest in 7 quarters
- Popular devotional singer Narendra Chanchal passes away at 80