Face of Nation : Indian Railway Catering and Tourism Corporation Limited (IRCTC) is expected to launch its initial public offering (IPO) on September 30, suggests media reports.The IRCTC had filed papers with Securities and Exchange Board of India or SEBI for IPO earlier in August.
It 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.
The IRCTC, which sells tickets for Indian Railways and manages its catering services, is expected to announce the IPO price band today, reports business website LiveMint.
The government may sell stake worth ₹480 crore through an offer for sale, the report says. The plan to launch the IPO comes immediately after stock markets see a turnaround with Sensex zooming up to 2,000 points after the government cut corporate tax last week.
The central public sector enterprise has also diversified into other business segments like e-catering, executive lounges, and budget hotels. The IRCTC operates one of the most transacted websites in the Asia Pacific region with transaction volume averaging at 25 million per month and 7.2 million logins a day.
