Uttar Pradesh Chief Minister Yogi Adityanath flagged off the Tejas Express on the Lucknow-New Delhi route. This is India’s first private train run by the subsidiary of Indian Railways IRCTC, or Indian Railway Catering and Tourism Corporation. The Tejas Express cuts down travel time between the two cities from 6.40 hours taken by Swarn Shatabdi to 6.15 hours. The Swarn Shatabdi is currently the fastest train on this route.
An AC chair car passenger Tejas Express ticket costs Rs 1,280 and its Rs 2,450 for the executive chair car. With dynamic pricing, the costliest Tejas Train ticket is Rs 4,325. The Tejas Express is the first corporate train in India.
The Tejas Express leaves Lucknow at 6.10 AM and would reach New Delhi at 12.25 PM. For the return journey, the train leaves New Delhi at 3.35 PM and reaches Lucknow at 10.05 PM. The Tejas Express has just two halts; Kanpur and Ghaziabad. The train runs on all days except Tuesdays. If the IRCTC experiment is successful, this could pave the way for Private Operators to run trains in India.
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The IRCTC IPO opened on September 30th and closed on October 3rd. IRCTC put 2 crore shares for sale, but received bids for 225 crore shares. The price range of IRCTC IPO was Rs 315-320 a share. The Government of India would disinvest 12.6% stake through this IPO. The Government would hold 87.4% stake in IRCTC after the IPO. The IRCTC IPO was oversubscribed 111 times by the end of October 3rd with bids worth Rs 72,200 Crores.
IRCTC has a monopoly over booking platform for railway tickets. It also has monopoly over on-board catering and sale of packaged drinking water. IRCTC now has new revenue streams with the introduction of new train routes under its banner. It enjoys freedom of pricing with dynamic pricing on Tejas Express.
IRCTC IPO had another interesting feature. The shares reserved for employees were oversubscribed 6 times. This is rare when it comes to government-owned companies. Based on prices quoted in the grey market, expect a jump of 50-60% on listing date.
See Also: What is an IPO?
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