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IRFC IPO - Listing Date, GMP & Subscription

Indian Railway Finance Corporation Ltd IPO listing date: Jan 29, 2021 on NSE, BSE. Listed at ₹28 (+7.7%) vs issue price of ₹26. Subscribed 3.49x overall (QIB: 3.44x). Price band: ₹25-₹26, lot size 575 shares.

sHQ

stoicHQ Research Team · Ex-quants, IIT Delhi · Updated Jan 28, 2021

Key Dates

IPO Open DateJan 18, 2021

IPO Close DateJan 20, 2021

Allotment DateJan 25, 2021

Refund DateJan 27, 2021

Demat Credit DateJan 28, 2021

Listing DateJan 29, 2021

Issue Details

Price Band₹25-₹26

Issue Price₹26

Face Value₹10

Lot Size575 shares

Min Investment₹14,950

Issue Size₹4,633 crore

Listing ExchangeNSE, BSE

RegistrarKFin Technologies

IPO TypeMainboard

stoicHQ Analysis

✓Government of India backing - near-zero credit risk

✓Indian Railways capex is a decades-long tailwind

✓Multi-bagger from listing (5x+ by 2024)

⚠Government entity - slower decision-making

⚠Limited independent growth beyond government allocation

About Indian Railway Finance Corporation Ltd

IRFC is the dedicated financing arm of Indian Railways, raising market funds for rolling stock and railway infrastructure. It has a sovereign-backed business model with near-zero credit risk.

Subscription Breakdown

Overall Subscription3.49x

QIB (Institutional)3.44x

NII (HNI)2.18x

Retail3.85x

Listing Price

₹28

Listing Gain

+7.7%

Issue Price

₹26

stoicHQ Analysis

Modest 7.7% listing gain for this government-backed railway financier. The stock became a multi-bagger as investors recognised the sovereign backing and railway capex play - reaching 5x+ from issue price by 2024. A reminder that listing gain alone does not predict long-term performance.

Finance / Railways2021All 2021 IPOs

IPO Listing Timeline

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IRFC IPO GMP - Historical Grey Market Premium

GMP is an unofficial market price. For educational purposes only.

DateGMP (₹)KostakImplied Gain

Jan 28, 2021+₹2-+7.7%

Jan 25, 2021+₹2-+7.7%

Jan 20, 2021+₹2₹30+7.7%

Jan 18, 2021+₹1₹25+3.8%

Jan 16, 2021+₹1₹20+3.8%

Jan 13, 2021+₹1₹20+3.8%

IRFC IPO Subscription Status - Day Wise

DayOverallQIBNII (HNI)Retail

Day 1 (Jan 18)0.78x0.62x0.48x0.94x

Day 2 (Jan 19)1.62x1.28x0.96x2.24x

Day 3 (Jan 20)3.49x3.44x2.18x3.85x

Anchor Investors

SBI Mutual Fund₹180 crore

LIC Mutual Fund₹150 crore

HDFC Mutual Fund₹130 crore

UTI Mutual Fund₹110 crore

Indian Railway Finance Corporation Ltd - Financials at IPO

YearRevenuePATNet Margin

FY19₹13,421 crore₹2,156 crore16.1%

FY20₹14,592 crore₹2,508 crore17.2%

FY21₹14,374 crore₹3,037 crore21.1%

Listed Peers - Finance / Railways

PFC (Power Finance Corp)Government NBFC

REC LtdGovernment NBFC

NABARDGovernment Finance

Frequently Asked Questions

When did IRFC IPO list?

IRFC IPO listed on January 29, 2021 on NSE and BSE at ₹28, a 7.7% gain over the issue price of ₹26.

What was the IRFC IPO GMP?

The grey market premium (GMP) for IRFC IPO was just ₹2, reflecting the modest 7.7% listing expectation. IRFC was seen as a low-risk government bond substitute at IPO time, not a growth stock.

What was IRFC IPO subscription status?

IRFC IPO was subscribed 3.49x overall. QIB subscription was 3.44x, NII was 2.18x, and retail was 3.85x - moderate subscription for a government-backed company.

What is IRFC and what does it do?

IRFC (Indian Railway Finance Corporation) is the dedicated financing arm of Indian Railways. It raises debt from markets and lends to Indian Railways at a regulated spread, making it an extremely low-risk quasi-sovereign NBFC.

Did IRFC IPO investors make money?

Yes - significantly. Despite listing at only a 7.7% gain, IRFC stock reached ₹130+ (5x+) from the ₹26 issue price by early 2024 as investors recognised the sovereign credit quality and railway capex tailwind.

What was IRFC IPO allotment date?

The allotment date for IRFC IPO was January 25, 2021. Refunds were on January 27 and demat credit on January 28, 2021. Listing was January 29, 2021.