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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 ₹26.00 per share . The lot size for an application is 575. The minimum amount of investment required by an retail is ₹14,375 (575 shares). 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.
| IPO Date | January 18, 2021 to January 20, 2021 |
| Listing Date | January 29, 2021 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹25 to ₹26 per share |
| Issue Price Final | ₹26 per share |
| Lot Size | 575 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 1,78,20,69,000 shares (aggregating up to ₹4,633.38 Cr) |
| Fresh Issue | 1,18,80,46,000 shares (aggregating up to ₹3,088.92 Cr) |
| Offer for Sale | 59,40,23,000 shares of ₹10 (aggregating up to ₹1,544.46 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 11,88,04,60,000 shares |
| Share Holding Post Issue | 13,06,85,06,000 shares |
IRFC IPO offers total 1,78,20,69,000 shares. Out of which 89,09,38,346 (49.99%) allocated to QIB, 35,63,75,339 (20.00%) allocated to QIB, 26,72,81,504 (15.00%) allocated to NII, 62,36,56,843 (35.00%) allocated to RII and 53,45,63,007 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 89,09,38,346 (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%) | NA |
| Retail Shares Offered | 62,36,56,843 (35.00%) | 10,84,620 |
| Employee Shares Offered | 1,92,307 (0.01%) | NA |
| Total Shares Offered | 1,78,20,69,000 (100.00%) |
| 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 |
IRFC IPO opens on January 18, 2021, and closes on January 20, 2021.
| IPO Open Date | Mon, Jan 18, 2021 |
| IPO Close Date | Wed, Jan 20, 2021 |
| Tentative Allotment | Mon, Jan 25, 2021 |
| Initiation of Refunds | Wed, Jan 27, 2021 |
| Credit of Shares to Demat | Thu, Jan 28, 2021 |
| Tentative Listing Date | Fri, Jan 29, 2021 |
| Cut-off time for UPI mandate confirmation | 5 PM on Wed, Jan 20, 2021 |
Investors can bid for a minimum of 575 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| 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 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
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
| Particulars | For the year/period ended (Rs in million) | |||
|---|---|---|---|---|
| 30-Sep-20 | 31-Mar-20 | 31-Mar-19 | 31-Mar-18 | |
| Total Assets | 29,19,865.81 | 27,55,041.29 | 20,64,382.95 | 16,14,510.41 |
| Total Revenue | 73,848.29 | 1,34,210.90 | 1,09,873.55 | 92,078.39 |
| Profit After Tax | 18,868.41 | 31,920.96 | 21,399.33 | 20,014.60 |
The Company IRFC IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 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 |
[Dilip Davda] The issue is priced attractively by a dividend-paying PSU. It is likely to get fancy post listing being the first mover in the segment. Investors may consider investment for long term rewards as this company is laying its future on track and poised for better growth going forward. Read detail review...
| Listing Date | January 29, 2021 |
| BSE Script Code | 543257 |
| NSE Symbol | IRFC |
| ISIN | INE053F01010 |
| Final Issue Price | ₹26 per share |
| BSE Listing Group | B |
Indian Railway Finance Corp.Ltd.
UG-Floor, East Tower, NBCC Place
Bisham Pitamah Marg,
Pragati Vihar, Lodhi Road,
New Delhi, New Delhi, 110003
Phone: 91 (11) 2436 9766
Email: dgmcs@irfc.nic.in
Website: http://www.irfc.nic.in
Kfin Technologies Ltd.
Phone: 04067162222, 04079611000
Email: einward.ris@kfintech.com
Website: https://ipostatus.kfintech.com/
IRFC IPO is a main-board IPO of 1,78,20,69,000 equity shares of the face value of ₹10 aggregating up to ₹4,633.38 Crores. The issue is priced at ₹26 per share. The minimum order quantity is 575.
The IPO opens on January 18, 2021, and closes on January 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 January 18, 2021 and closes on January 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 Thursday, January 28, 2021. Check the IRFC IPO allotment status.
The IRFC IPO listing date is on Friday, January 29, 2021.
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