IRCTC operates in four business segments and also offers e-catering services to passengers via a mobile phone application. The initial share sale is part of the government's divestment process to help meet its target to raise 800 billion rupees this fiscal year. In January, sources told Reuters that the government plans to meet this target through the sale of state-owned assets. government will hold a 87.4% stake in IRCTC after the IPO. Earlier this year, government-run Rail Vikas Nigam Ltd RAIV.NS and MSTC Ltd MSTC.NS failed to garner as much attention as IRCTC, but were fully subscribed at the end of the subscription period. issue for IRCTC, which also handles holiday packages and pilgrimage tours for the Indian railways, comprises an offer for sale of 20.2 million shares at a price band of 315-320 rupees per share. According to the red herring prospectus, IRCTC will not receive any proceeds from the offer and all proceeds will go to the government. ($1 = 70.9630 Indian rupees)