IRCTC files draft papers with Sebi for IPO

Indian Railway Catering and Tourism Corporation (IRCTC) has filed draft papers with markets regulator Sebi for its initial public offer. As many as 2 crore equity shares of face value of Rs 10 each would be offloaded through an offer for sale by the government.

IRCTC is the railways tourism and catering arm. According to market sources, the IPO would 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 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,'www.irctc.co.in', in the Asia-Pacific (APAC) region.

The company's shares are proposed to be listed on BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)