The Government of India is planning to list two of its railway public sector units (PSUs) – RVNL and IRFC – during the July-September quarter.

The initial public offering (IPO) of railway consultancy firm RITES will be launched tomorrow and will carry a fixed price band of Rs 180-185 per share.

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The government expects to draw Rs 4.6bn ($67m) from the market.

A senior official was quoted by PTI as saying: “After the RITES issuance, the government will move forward with the listing process of the two PSUs in the July-September quarter.”

Through the RITES IPO, the government intends to sell 12% stake or 25.2 million equity shares. Out of the total equity shares to be sold, 1.2 million shares will be sold to employees.

The bids will close on 22 June.

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“After the RITES issuance, the government will move forward with the listing process of the two PSUs in the July-September quarter.”

With over 43 years of experience, RITES has taken up projects in more than 55 countries in Africa, Asia and South America.

A special purpose vehicle that primarily constructs infrastructure for high-speed rail, RVNL, is the second PSU up for listing by the Department of Investment and Public Asset Management (DIPAM).

Another official told PTI: “The merchant bankers have suggested that we should wait for auditors report before going in for listing of RVNL. The auditors report is likely by August and we will plan RVNL IPO in September.”

Last month, RVNL received capital markets regulatory authority Sebi’s approval for IPO by selling 20.8 million equity shares or 10% stake.

The value of Indian Railway Finance Corp Ltd (IRFC) is thought to be higher than RITES and RVNL.

The RVNL IPO is expected to fetch the government about Rs 5bn, while Rs 10bn ($73m) could come from IRFC’s listing.