The initial public offerings (IPOs) of three profitable rail PSUs — Indian Railway Finance Corporation (IRFC), Ircon International and Rites — are likely to hit the market in the fourth quarter of 2017-18, officials said. Even though the companies would be ready for the IPOs in a month or so, they said, the IPOs would be pushed to the fourth quarter as bankers and foreign investors proceed on year-end vacations in December. "In the second-third week of January, action will be visible on IPO of these companies," an official said. The draft prospectus for the three IPOs are currently being prepared while the process has also been initiated for listing Rail Vikas Nigam (RVNL) as well. Three book-running lead managers have already been appointed for the IRFC IPO, namely IDFC, HSBC, ICICI Securities and SBI Caps. IDBI Capital Markets, SBI Caps and Axis Capital have been appointed for the Ircon IPO.