RailTel, the Indian government-owned broadband and VPN services enterprise has planned to issue an Initial Public Offering that is aimed at raising Rs 300 crore ( ($42 million). The government wishes to cede a 25% stake in the company in exchange for the money that will largely go towards scaling the operations of the company.
RailTel is searching for an advertising partner who will oversee its entire IPO process and hopefully start trading in January 2020. The window for opportunity to partner with the firm closes on 28 Nov and the advertising costs will be borne by DIPAM, RAILTEL and the BRLMs (Book Running Lead Managers).
The Miniratna PSU firm is the brand behind the upgrading of Railway stations into Digital hubs by providing public Wi-Fi at major Railway stations. As of today, RailTel has connected more than 4900 railway stations with Rail Wire Wi-Fi. Puneet Chawla, RailTel’s chairman and MD has recently released the figures to shareholders and laid down to them their latest developments and future plans, including a plan to issue an IPO next year.
