Indian Railway Finance Corporation Limited IPO
Indian Railway Finance Corporation Limited IPO
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The Initial Public Offering of Indian Railway Finance Corporation Limited's culminated in its successful listing on 29-01-2021 at the NSE, BSE trading platform. The company secured 1,78,20,69,000 Shares through this capital market exercise, with 1,18,80,46,000 Shares allocated to new capital formation and ₹1544.00 Cr to existing shareholder liquidity.
Investors participated within the price parameters of ₹25 to ₹26, with minimum investment requirements of 575 shares. The subscription period from 18-01-2021 to 20-01-2021 witnessed active investor engagement across categories.
Following the subscription closure, share allotment was processed on 25-01-2021. The subsequent listing established a public market for the company's shares, enabling price discovery and secondary market trading for investors.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Indian Railway IPO About Company
Incorporated in 1986, the Indian Railway Finance Corporation (IRFC) is a public-sector enterprise wholly owned by the Government of India, primarily engaged in financing the acquisition of rolling stock assets, leasing railway infrastructure, and lending to entities under the Ministry of Railways. As the borrowing arm of Indian Railways, IRFC raises funds for procuring wagons, trucks, electric multiple units, locomotives, and coaches, along with their improvement, expansion, and asset management. The company follows a financial leasing model for a lease period of 30 years, and in fiscal 2019, it financed Rs. 525.35 billion, accounting for 39.34% of Indian Railways’ total capital expenditure of Rs. 1,334 billion.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Indian Railway IPO Strength Factors
- Strategic Role: Plays a key role in supporting Indian Railways growth.
- Strong Credit Rating: Rated CRISIL AAA/A1+ and ICRA AAA/A1+.
- Competitive Borrowing Costs: Access to low-cost financing.
- Strong Financials: Demonstrates robust financial performance.
- Effective Asset-Liability Management: Maintains balanced financial structure.
- Experienced Management: Led by a skilled and capable leadership team.
Indian Railway IPO Risk Factors
NA
Indian Railway IPO Lead Manager(s)
- Hsbc Securities & Capital Markets Private Limited
- ICICI Securities Limited
- Idfc Bank Limited
- SBI Capital Markets Limited
Indian Railway IPO Promoter(s)
- President of India
Indian Railway IPO FAQs
Indian Railway Finance Corporation Limited IPO subscribed 0 times. The public issue subscribed -- times in the retail category,--times in QIB, and -- times in the HNI (10+) category byDecember 24, 2025 12:24:54 PM (Day 24).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Indian Railway IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Indian Railway IPO FAQs
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