Ircon's Rs 4.7-bn IPO opens Sep 17, Rs 10 discount for retail investor

Price band is Rs 470-475 in only second PSU offer this fiscal; Centre to offload 10% stake

State-owned transport infrastructure company Ircon International will launch its Rs 4.7-billion initial public offering (IPO) on September 17.

The price band for the issue is Rs 470 to Rs 475 per share. Retail investors applying in the IPO will be offered a discount of Rs 10 per share.

The Centre is diluting 10 per cent stake through the IPO, which will not involve any fresh fund raising. IDBI Bank, Axis Capital and SBI Capital Market will handle the IPO.

Ircon will be only the second IPO by a government-owned company this fiscal. In June, the centre had raised Rs 4.6 billion through the IPO of Rites, a firm that operates in transport consultancy and engineering sector.