New Delhi: The initial public offering (IPO) of the Indian Railway Finance Corporation (IRFC) will open on January 18 in the price band of Rs 25-26 per share. Also Read - Gujarat Gas Share Price, 8 Feb 2021: Gujarat Gas Rallies to All-time High in Q3, Target Price Rs 490

The IPO worth over Rs 4,600 crore would close on January 20. Also Read - IRFC IPO Share Allotment Status: Share Price Listing to Happen Today, Here's How to Check Application Status Via Registrar, BSE Website

The IPO of the NBFC comprises up to 178.20 crore equity shares of Rs 10 each, including fresh issue of 118.80 crore shares and offer for sale of 59.4 crore equity shares. Also Read - IRFC IPO Allotment Today: Check Where, When And How to Check Your Application Status

This is the first IPO by a railway non-banking financial company (NBFC). This is also the first IPO of 2021.

In January 2020, IRFC had filed draft papers for its IPO.

On Friday, the company raised Rs 1,390 crore from its anchor investors.

Established in 1986, IRFC is a dedicated financing arm of the Indian Railways for mobilising funds from domestic as well as overseas markets. The primary objective of IRFC is to meet the predominant portion of ‘extra budgetary resources’ requirement of the Indian Railways through market borrowings at the most competitive rates and terms.

The Non-Banking Financial Company (NBFC) would utilise the proceeds of the IPO for augmenting equity capital base to meet future capital requirements and general corporate purposes.

(With IANS inputs)