Bookbuilding IPO | ₹4,633 Cr | Listed at BSE, NSE | Mon, Jan 18, 2021 - Wed, Jan 20, 2021
IRFC IPO is a book build issue of ₹4,633.38 crores. The issue is a combination of fresh issue of 118.80 crore shares aggregating to ₹3,088.92 crores and offer for sale of 59.40 crore shares aggregating to ₹1,544.46 crores.
IRFC IPO bidding started from Jan 18, 2021 and ended on Jan 20, 2021. The allotment for IRFC IPO was finalized on Jan 25, 2021. The shares got listed on BSE, NSE on Jan 29, 2021.
IRFC IPO price band is set at ₹26 per share. The lot size for an application is 575. The minimum amount of investment required by an retail is ₹14,950 (575 shares) (based on upper price). The lot size investment for sNII is 14 lots (8,050 shares), amounting to ₹2,09,300, and for bNII, it is 67 lots (38,525 shares), amounting to ₹10,01,650.
The issue includes a reservation of up to 1,92,307 shares for employees offered at a discount of ₹0.00 to the issue price.
HSBC Securities & Capital Markets (India) Pvt.Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue.
Refer to IRFC IPO RHP for detailed Information.
IPO Open
Mon, Jan 18, 2021
IPO Close
Wed, Jan 20, 2021
Issue Price
₹26 per share
Market Cap (Pre-IPO)
₹33,978.12 Cr
| IPO Date | 18 to 20 Jan, 2021 |
| Listed on | Fri, Jan 29, 2021 |
| Face Value | ₹10 per share |
| Price Band | ₹25 to ₹26 |
| Issue Price | ₹26 per share |
| Lot Size | 575 Shares |
| Sale Type | Fresh capital cum OFS |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Total Issue Size | 1,78,20,69,000 shares (agg. up to ₹4,633 Cr) |
| Fresh Issue | 1,18,80,46,000 shares (agg. up to ₹3,089 Cr) |
| Offer for Sale | 59,40,23,000 shares of ₹10 (agg. up to ₹1,544 Cr) |
| Share Holding Pre Issue | 11,88,04,60,000 shares |
| Share Holding Post Issue | 13,06,85,06,000 shares |
| BSE Script Code / NSE Symbol | 543257 / IRFC |
| ISIN | INE053F01010 |
IRFC IPO comprises a total issue size of 1,78,20,69,000 shares. The net offer to the public is 1,78,18,76,693 shares, after excluding 1,92,307 shares under a preferential allotment. Of the Net offer 89,09,38,346 (50.00%) are allocated to QIB, 26,72,81,504 (15.00%) allocated to NII 62,36,56,843 (35.00%) allocated to RII.
| Investor Category | Shares Offered | % of Net Issue | % of Total Issue | Max Allottees |
|---|---|---|---|---|
| QIB Shares Offered | 89,09,38,346 | 50.00% | 49.99% | NA |
| − Anchor Investor Shares Offered | 53,45,63,007 | 30.00% | NA | |
| − QIB (Ex. Anchor) Shares Offered | 35,63,75,339 | 20.00% | NA | |
| NII (HNI) Shares Offered | 26,72,81,504 | 15.00% | 15.00% | NA |
| Retail Shares Offered | 62,36,56,843 | 35.00% | 35.00% | 10,84,620 |
| Preferential Reservations | ||||
| Employee Shares Offered | 1,92,307 | 0.01% | NA | |
| Total Shares Offered | 1,78,20,69,000 | 100.00% | 100.00% | |
Investors can bid for a minimum of 575 shares and in multiples thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 575 | ₹14,950 |
| Retail (Max) | 13 | 7,475 | ₹1,94,350 |
| S-HNI (Min) | 14 | 8,050 | ₹2,09,300 |
| S-HNI (Max) | 66 | 37,950 | ₹9,86,700 |
| B-HNI (Min) | 67 | 38,525 | ₹10,01,650 |
IRFC IPO raises ₹1,389.86 crore from anchor investors. IRFC IPO Anchor bid date is January 15, 2021.
📝 Anchor Investors Letter (PDF)
| Bid Date | Fri, Jan 15, 2021 |
| Shares Offered | 53,45,63,007 |
| Anchor Portion (₹ Cr.) | 1,389.86 |
| Anchor lock-in period end date for 50% shares (30 Days) | Wed, Feb 24, 2021 |
| Anchor lock-in period end date for remaining shares (90 Days) | Sun, Apr 25, 2021 |
| Application Category | Maximum Bidding Limits | Bidding at Cut-off Price Allowed |
|---|---|---|
| Only RII | Up to Rs 2 Lakhs | Yes |
| Only sNII | Rs 2 Lakhs to Rs 10 Lakhs | No |
| Only bNII | Rs 10 Lakhs to NII Reservation Portion | No |
| Only employee | Yes | |
| Employee + RII/NII |
|
Yes for Employee and RII/NII |
Incorporated in 1986, the Indian Railway Finance Corporation (IRFC) is a public-sector enterprise that is wholly-owned by the Government of India. IRFC is primarily engaged in financing the acquisition of rolling stock assets, leasing of railway infrastructure assets, and lending to entities under the Ministry of Railways (MoR). Being the borrowing arm of Indian Railways, IRFC is responsible to raise funds for MoR that is required to procure rolling stock assets (wagons, trucks, electric multiple units, locomotives, coaches), its improvement, expansion, and assets management.
It follows a financial leasing model to finance rolling stock assets procurement for a lease period of 30 years. In fiscal 2019, the actual capital expenditures by the Indian Railways were Rs. 1,334 billion, out of which, IRFC financed Rs. 525.35 bn accounting for 39.34% expenditures.
Competitive strengths
| Period Ended |
|---|
| Amount in ₹ Crore |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | To carry out the disinvestment of 20,160,000 Equity Shares by the Selling Shareholder constituting 12.60% of our Company’s paid up Equity Share capital our Company; and | |
| 2 | To achieve the benefits of listing the Equity Shares on the Stock Exchanges |
The IRFC IPO is subscribed 3.49 times on January 20, 2021 7:49:00 AM (Day 3). The public issue subscribed 3.66 times in the retail category, 3.78 times in the QIB category, and 2.67 times in the NII category. Check Day by Day Subscription Details (Live Status)
| Category | Subscription (times) | Shares Offered | Shares bid for |
|---|---|---|---|
| QIB | 3.78 | 35,63,75,339 | 1,34,69,25,425 |
| NII | 2.67 | 26,72,81,504 | 71,27,21,125 |
| Retail | 3.66 | 62,36,56,843 | 2,28,55,97,400 |
| Employee | 43.76 | 1,92,307 | 84,15,700 |
| Total | 3.49 | 1,24,75,05,993 | 4,35,36,59,650 |
| # | Issue Expenses | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Payment to BRLMs (including underwriting commission,printing and stationary expenses) | 3.75 |
| 2 | Commission and processing fees for SCSBsand Bankersto the Issue and fee payable to the Sponsor Bank forBids made by RIBs using UPI. | 1.18 |
| 3 | Brokerage and sellingcommission and bidding charges for Members of the Syndicate, Registered Brokers, RTAs and CDPs | 0.02 |
| 4 | Fees payable to the Registrar to the Offer | |
| 5 | Advertising and marketing expenses | 7.74 |
| 6 | Listing fee | 0.01 |
| 7 | SEBI filing fee, Stock Exchanges processing fee and book building software fees | 1.71 |
| 8 | Fees payable to Legal Counsels | 0.99 |
| 9 | Miscellaneous | 1.27 |
| Price Details | BSE | NSE |
|---|---|---|
| Final Issue Price | ₹26.00 | ₹26.00 |
| Open | ₹25.00 | ₹24.90 |
| Low | ₹24.30 | ₹24.35 |
| High | ₹25.80 | ₹25.80 |
| Last Trade | ₹24.85 | ₹24.80 |
Lead Manager Reports
IRFC IPO is a main-board IPO of 1,78,20,69,000 equity shares of the face value of ₹10 aggregating up to ₹4,633 Crores. The issue is priced at ₹26 per share. The minimum order quantity is 575.
The IPO opens on Mon, Jan 18, 2021, and closes on Wed, Jan 20, 2021.
Kfin Technologies Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in IRFC IPO using UPI as a payment gateway. Zerodha customers can apply in IRFC IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in IRFC IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The IRFC IPO opens on Mon, Jan 18, 2021 and closes on Wed, Jan 20, 2021.
IRFC IPO lot size is 575, and the minimum amount required for application is ₹14,950.
You can apply in IRFC IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for IRFC IPO will be done on Monday, January 25, 2021, and the allotted shares will be credited to your demat account by Thu, Jan 28, 2021. Check the IRFC IPO allotment status.
The IRFC IPO listing date is on Fri, Jan 29, 2021.
