Tag: Economy

Indian Railway Catering and Tourism Corporation (IRCTC), which manages ticket booking, tourism and catering for Indian Railways, said it would launch its initial public offer (IPO) to raise up to Rs 645 crore on Monday 30th Sep. The company was incorporated as Indian Railway Catering and Tourism Corporation on September 27, 1999, as a public limited company. IRCTC is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains in India. The IPO, whose price band has been fixed at Rs 315-320 per share, will close on October 3. The issue comprises an offer for sale of 2,01,60,000 shares and is a part of the government's divestment process. It operates one of the most transacted websites, www.irctc.co.in, in the Asia-Pacific region with transaction volume averaging 15 to 18 million transactions per month during the three months ended June 30, 2019. Its sales rose 25 per cent year-on-year to Rs 1,899 crore, and profit grew 23.5 per cent to Rs 272.5 crore in financial year 2019 IPO Details Issue opens on 30th September 2019 (Monday).Issue closes on 3rd October 2019.Offer for sale of up to 20,160,000 equity shares. Financial Reports Note: Most of the leading brokerages like ICICI Securities, IndiaNivesh Securities, Anand Rathi Research, Angel Broking, Stewart & Mackertich Wealth Management are recommending to subscribe this issue at the offer price.