IRCTC files draft papers with SEBI for IPO
Indian Railway Catering and Tourism Corporation (IRCTC) has filed draft papers with market regulator SEBI for its initial public offer.
As many as two crore equity shares of face value of Rs 10 each will be offloaded through an offer for sale by the government.
IRCTC is the Railways tourism and catering arm.
According to market sources, the IPO will be worth about Rs 500-600 crore.
IDBI Capital Markets & Securities, SBI Capital Markets, and YES Securities (India) are the managers to the offer.
IRCTC is the only entity authorised by the Indian Railways to provide catering services to the Railways, online railway tickets and packaged drinking water at railway stations and trains in India, according to the draft red herring prospectus (DRHP).
The CPSE has also diversified into other business segments like e-catering, executive lounges, and budget hotels.
IRCTC operates one of the most transacted websites in the Asia-Pacific (APAC) region.
The company's shares are proposed to be listed on BSE and NSE.
Earlier this month, Indian Railways also said that passengers can now buy cosmetics, stationery, and other items on some trains at maximum retail price (MRP).
The initiative was started in the Ahmedabad division of Western Railway on Ahmedabad-Mumbai Central-Ahmedabad Karnavati Express and Ahmedabad-Mumbai Central-Ahmedabad, Double Decker Express.
Recently, media reports suggest that Indian Railways is also looking to provide passengers the option of getting head and foot massage during the journey.
Priced at Rs 100, passengers will be able to avail this service from 6 am to 10 pm daily. In addition, this facility will be made available on a total of 39 trains departing from Indore, Madhya Pradesh, media reports state. During the initial days, the service will be available on trains travelling between Indore and Dehradun, Amritsar, and New Delhi.
Disclaimer: Additional background information has been added to this PTI copy for context
(Edited by Dipti Nair)