New Delhi: Railways engineering and construction firm Ircon International will come out with its IPO on Monday and the initial share-sale will close on September 19.
Ircon's initial public offer (IPO) comprises an offer for sale of 9,905,157 equity shares or 10 per cent stake by the government. It has fixed a price band of Rs 470-475 per equity share. At the higher end of the price band, the shares are estimated to fetch over Rs 470 crore.
IRCON International is a 99.7% government-owned company under the Ministry of Railways and specialises in major infrastructure projects, including, railways, highways, development of industrial areas and other infrastructure activities.
Another IPO out this month is defence shipbuilder Garden Reach Shipbuilders and Engineers, which is expected to fetch about Rs 815 crore to the exchequer together with the Ircon IPO.
Garden Reach has priced its shares in the range of Rs 115-118 apiece, which will fetch the government around Rs 345 crore from selling its 25 per cent stake.
The bidding in initial share-sale of Garden Reach will be open from September 24-26. The equity shares of these companies will be listed on BSE and NSE.
The public issues are being floated as the government intends to unlock the value of such PSUs and bring in greater accountability.
The government is targeting to garner Rs 80,000 crore through stake sales in state-owned companies in 2018-19.
In June this year, railway consultancy firm RITES made a successful initial share-sale.
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