Indian Railway Finance Corporation Ltd

About the Company:

Indian Railway Finance Corporation Ltd the dedicated market borrowing arm of the Indian Railways and is a wholly-owned by the Government of India acting through the MoR (Ministry of Railways).

Company’s primary business is financing the acquisition of rolling stock assets, which includes both powered and unpowered vehicles, for example locomotives, coaches, wagons, trucks, flats, electric multiple units, containers, cranes, trollies of all kinds and other items of rolling stock components.

Company is also into leasing of railway infrastructure assets and national projects of the Government of India (collectively, “Project Assets”) and lending to other entities under the Ministry of Railways, Government of India (“MoR”).

Over the last three decades, Company has played a significant role in supporting the capacity enhancement of the Indian Railways by financing a proportion of its annual plan outlay.

In Fiscals 2017, 2018 and 2019 (revised estimate), we were responsible for financing 72%, 93% and 82%, respectively, of the Indian Railway’s total rolling stock.


Company’s Credit Ratings:

  • Indian Railway Finance Corporation maintains the highest possible credit ratings for an Indian issuer both for domestic and international borrowings and have received the highest credit ratings from CRISIL – CRISIL AAA and CRISIL A1+, ICRA – ICRA AAA and ICRA A1+, and CARE – CARE AAA and CARE A1+.



  • As of September 30, 2019, we had 24 permanent employees. In order to enhance the professional input to our processes, we currently outsource a few non-core activities, such as internal auditing and accounting, to professional agencies.



Rolling Stock Assets financed by IRFC from commencement of business till March 31, 2019 and September 30, 2019:



Management Team:

  1. Mr. Amitabh Banerjee (Designation: Managing Director)
  2. Mr. Niraj Kumar Chhabra (Designation: Director (Finance) and Chief Financial Officer)




Objectives of the Issue:

Offer for Sale: (Rs. 1544 cr)

  • The proceeds of the Offer for Sale shall be received by the Selling Shareholder only and our Company will not receive any proceeds from the Offer for Sale.


Fresh Issue: (Rs. 3089 cr)

  • Augmenting our equity capital base to meet our future capital requirements arising out of growth in our business.
  • General corporate purposes.




Positives for the Company:

  • Strategic role in financing growth of Indian Railways.
  • Competitive cost of borrowings based on strong credit ratings in India and diversified sources of funding.
  • Consistent financial performance and cost-plus model.
  • Low risk business model.
  • Strong asset-liability management.



Peer Group Comparison:

  • There are no listed companies in India in the same line of business as that of the Company. Hence, industry comparison in relation to the Company is not applicable.



Financials of the Company:

(in Crores) FY 17 FY 18 FY 19 FY 20 30th Sept 20
Revenue 8013.7 9268.3 11,133.5 13,421 7384.8
Net Profit 921.1 2049.0 2254.6 3192.0 1886.8



IPO Details:

Details Info
Issue Opens on 18th January 2021
Issue Closes on:. 20th January 2021
Issue Price Rs. 25 -26
Face Value Rs.10
Retail Category Allocation 35%
Minimum Lot 575 Shares
Minimum Investment Rs. 14,950
Issue Constitutes 13.63%
Issue Size Rs. 4633 cr ($626 Million)
Market Cap Rs. 33,973 cr ($4.59 Billion)
Listing at NSE & BSE
Equity Shares Offered (Fresh) 118,80,46,000
Equity Shares Offered (OFS) 59,40,23,000
Total Equity Shares Offered (Fresh + OFS) 178,20,69,000
Equity Shares Prior to the Issue 11,880,460,000
Equity Shares after the issue 13,068,506,000



Important Dates:

Finalization of Basis of Allotment On or Before 25th January 2021
Initiation of Refunds On or Before 27th January 2021
Credit of Equity Shares: On or Before 28th January 2021
Listing Date: On or Before 29th January 2021

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Subscription Details: (Will be Updated)

(Subscription-Category-Wise (no. of times) Till time : 05:00 PM) Shares Offered 18/1/2021 19/1/2021 20/1/2021
QIB 35,63,75,339 0.00 0.00 3.78
NII 26,72,81,504 0.09 0.24 2.67
Retail 62,36,56,843 1.25 2.33 3.51
Employee       1,92,307 13.53 27.41 39.82
TOTAL 1,24,75,05,993 0.65 1.22 3.41


IPO Valuation Parameters:

Earnings Per Share (EPS) Price To Earnings ratio (PE) Return on Net Worth (RoNW) Net Asset Value (NAV)
3.40 10.64 (Post Issue) 11.57% 25.50



Check IPO Allotment Status:

KfinTech Website http://kfintech/IPO/Allotment_Status

BSE IPO Website:



Company Contact Info:
Indian Railway Finance Corporation Limited
UG-Floor, East Tower
NBCC Place, Bisham Pitamah Marg
Pragati Vihar, Lodhi Road
New Delhi – 110 003, India
Tel: +91 (11) 2436 9766
Tel: +91 (11) 2436 8068;



IPO Registrar Info:
KFin Technologies Private Limited
Selenium Tower-B, Plot 31 & 32, Gachibowli
Financial District, Nanakramguda, Serilingampally
Hyderabad 500 032, Telangana, India
Telephone: +91 40 6716 2222
Investor grievance email: