On First Day, IRFC’s IPO Issue Subscribed 65%

The initial public offering of Indian Railway Finance Corporation (IRFC), subsidiary of Indian Railways, has been subscribed 65 per cent on January 18, the first day of bidding. The offer received bids for 80.89 crore equity shares against an IPO size of over 124.75 crore equity shares, the bidding data available on the exchanges showed.

The Rs 4,633 crore public issue consists of a fresh issue of 1,18,80,46,000 equity shares and an offer for sale of 59,40,23,000 equity shares. The issue includes a reservation of shares worth Rs 50 lakh for eligible employees.

The IPO size does not include the anchor book; the company has already raised Rs 1,390 crore through the anchor book ahead of the IPO.

The portion allocated for retail investors was subscribed 1.03 times, while the employee category was subscribed 3.6 times. The reserved portion of non-institutional investors saw a subscription of 6.7 per cent and that of qualified institutional investors (QIIs), 0.01 per cent.


IRFC, wholly-owned by the Indian government, is the market borrowing arm of Indian Railways. IRFC, incorporated in 1986, follows a financial leasing model to finance the acquisition of rolling stock assets, which includes locomotives, coaches, containers, wagons, trucks, flats, electric multiple units, trollies and cranes.

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