IRFC IPO
IRFC IPO — date, price band, lot size & details 2021
IRFC listed on 29 Jan 2021 at ₹24.9, 4.2% below the ₹26 issue price.
IRFC is the dedicated market borrowing arm of Indian Railways and mainly finances rolling stock such as locomotives, coaches and wagons. It earned total income of Rs 13,421.09 crore in FY2020.
Stock price
IRFC is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 10 November.
- Open 18 Jan 2021
- Close 20 Jan 2021
- Allotment 25 Jan 2021
- Refund/credit 27 Jan 2021
- Listing 29 Jan 2021
Issue summary
The terms of the offer, as filed.
| IPO Dates | 18 to 20 Jan, 2021 |
|---|---|
| Price Band | ₹25 – ₹26 |
| Face Value | ₹10 |
| Lot Size | 575 Shares |
| Issue Size | ₹4633.38 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | KFin Technologies Limited |
| Min Investment | ₹ 14,950 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 575 shares at the ₹26 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 575 | ₹14,950 |
| Retail (max) | 13 | 7,475 | ₹1,94,350 |
| S-HNI (min) | 14 | 8,050 | ₹2,09,300 |
| S-HNI (max) | 66 | 37,950 | ₹9,86,700 |
| B-HNI (min) | 67 | 38,525 | ₹10,01,650 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 6
- 01Total income rose from Rs 9,207.84 crore in FY2018 to Rs 13,421.09 crore in FY2020.
- 02Profit after tax rose from Rs 2,001.46 crore in FY2018 to Rs 3,192.10 crore in FY2020.
- 03IRFC financed Rs 713.92 billion in Fiscal 2020, or 48.22% of the actual capital expenditure of Indian Railways.
- 04The P/E was 7.65 at the upper band of Rs 26, based on FY2020 basic EPS of Rs 3.40.
- 05Net worth grew from Rs 20,324.28 crore on 31 March 2018 to Rs 31,686.97 crore on 30 September 2020.
- 06Return on net worth was 11.57% in FY2020, as per the RHP.
Risks · 6
- 01Total borrowing was Rs 2,45,349.32 crore on 30 September 2020, against net worth of Rs 31,686.97 crore.
- 02Almost all income comes from one counterparty, the Ministry of Railways, under leases that run for 30 years.
- 03Rs 1,544.46 crore of the Rs 4,633.38 crore issue was offer for sale by the government, so that part did not reach the company.
- 04The latest financials cover only the six months to 30 September 2020, with profit after tax of Rs 1,886.84 crore.
- 05Finance costs were Rs 10,162.66 crore in FY2020, so earnings depend on the gap between borrowing and lease rates.
- 06Government holding fell from 100% before the issue to 86% after it.
Three years of numbers
All figures in ₹ crore, as reported in the IRFC offer document.
| Metric | 30 Sep 2020 | 31 Mar 2020 | 31 Mar 2019 | 31 Mar 2018 |
|---|---|---|---|---|
| Assets | 2,91,986.58 | 2,75,504.13 | 2,06,438.30 | 1,61,451.04 |
| Total Income | 7,384.83 | 13,421.09 | 10,987.36 | 9,207.84 |
| Profit After Tax | 1,886.84 | 3,192.10 | 2,139.93 | 2,001.46 |
| NET Worth | 31,686.97 | 30,299.75 | 24,866.30 | 20,324.28 |
| Reserves and Surplus | 19,806.51 | 18,419.29 | 15,485.84 | 13,797.82 |
| Total Borrowing | 2,45,349.32 | 2,34,376.72 | 1,73,932.68 | 1,34,005.53 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the IRFC RHP.
Where the money goes
₹3,105.00 Cr of the issue is earmarked to named objects.
About the company
Its main business is financing rolling stock assets such as locomotives, coaches, wagons and electric multiple units. It also leases railway infrastructure assets and lends to other entities under the Ministry of Railways. Rolling stock is financed through a leasing model with a lease period of 30 years.
In Fiscal 2020 the company financed Rs 713.92 billion, which was 48.22% of the actual capital expenditure of Indian Railways that year.
The IPO was Rs 4,633.38 crore. Of this, Rs 3,088.92 crore was fresh issue and Rs 1,544.46 crore was offer for sale by the government. Rs 3,011.88 crore of the fresh issue was meant to strengthen the equity capital base for future growth.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
IRFC IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
HSBC Securities & Capital Markets (India) Pvt. Ltd.
15 issues handledBest listing: Tenneco Clean Air India (+27.2%). Weakest: Nuvoco Vistas Corporation (-14.9%).
SBI Capital Markets Ltd.
37 issues handledBest listing: G R Infraprojects (+105.0%). Weakest: Kalyan Jewellers India (-15.0%).
ICICI Securities
65 issues handledBest listing: Latent View Analytics (+160.0%). Weakest: Shriram Properties (-23.7%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of IRFC?
The current Grey Market Premium is ₹0.5, or 2% over the issue price.
What is the IRFC IPO price band?
₹25 to ₹26, on a face value of ₹10.
When is the allotment?
The basis of allotment is 25 January 2021, with listing on 29 January 2021.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — KFin Technologies Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
