IRCTC IPO date announced: It's Sept 30; price band to be out Sept 25
IRCTC IPO: Indian Railway Catering and Tourism Corporation that sells Indian railway tickets and manages its catering services is mulling to launch its IPO on 30 September.
IRCTC IPO: The IRCTC or Indian Railway Catering and Tourism Corporation that sells Indian railway tickets and manages its catering services is mulling to launch its IPO (initial public offering) on 30 September. The IRCTC plan is to launch its IPO immediately after the uge rally at the Indian stock market in corporate rate cut that fuelled foreign institutional investors (FIIs) investment into the Indian stocks. In the last three trading sessions, following the finance minister Nirmala Sitharaman's corporate tax cut announcement, the BSE Sensex has registered near 8 per cent gains, which is near 2,900 points.
In the proposed IRCTC IPO, the government is expected to sell out its stake in the state-owned company worth Rs 480 crore. The state-owned IRCTC is expected to announce the price band of its IPO on September 25. It is also looking forward to sell its 20 million shares in the IRCTC through this proposed IPO. If the government successfully does this, its stake in the IRCTC would come down to around 12.5 per cent.
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For information to the readers, the IRCTC’s business is divided in four parts — e-ticketing, catering, bottled drinking water under ‘Rail Neer’ brand and travel and tourism. While IRCTC sales jumped 25 per cent Y-o-Y to Rs 1,899 crore, its profit went up 23.5 per cent to Rs 272.5 crore in FY19.
The IRCTC witnesses huge traffic on its website irctc.co.in in the Asia-Pacific region, with a transaction volume of more than 25 million per month, and 7.2 million logins a day. Around 8 lakh rail tickets are booked every day through the IRCTC website and Rail Connect.
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