IRFC, IRCON may hit capital market by September to raise Rs 15 billion

Two rail public sector undertakings – the Indian Railway Finance Corporation (IRFC) and IRCON International Limited – are likely to launch IPOs in the next two months. The entities will raise Rs 15 billion in total. While IRCON has already approached SEBI with its IPO papers, IRFC will file the draft prospectus  soon to seek its nod for the initial share sale and subsequent listing. The government is divesting a 10 per cent stake (over 9.9 million shares) through the IRCON IPO. It is hoping to garner Rs 10 billion from the IRFC IPO and about Rs 5 billion from the IRCON IPO.