MUMBAI (NewsRise) -- State-owned Indian Railway Catering and Tourism Corp. will kick off its initial share sale next week, an offering that could test investor appetite for new stocks in a volatile market.
The government is selling a 12.5% stake, or 20.2 million shares, in the IPO of IRCTC, aiming to raise as much as 6.45 billion rupees ($91 million). The shares are priced in the range of 315 rupees to 320 rupees apiece, and the subscription opens Sept. 30 and closes on Oct. 3, the company said in a statement Wednesday.
