Street signs: Foreign banks give a miss to rail PSUs

Except HSBC, none of the foreign banks has bid for mandate of IRCTC, IRFC & Ircon International

Foreign banks give a miss to rail PSUs  
 

Foreign investment banks don’t seem too enthused by initial public offerings (IPOs) of public sector undertakings (PSUs) under railways. Except HSBC, none of the foreign banks has bid for the mandate of Indian Railway Catering and Tourism Corporation, Indian Railway Finance Corporation and Ircon International. “The fees earned on PSU issues are minimal. Bankers usually participate in these offerings to consolidate their position in the league table. However, these three IPOs are not too big and, hence, wouldn’t help improve league table position,” said a banker. In contrast, domestic players, including