IRFC (registered as NBFC) is wholly owned by GOI and administered through the Ministry of Railways (MoR). IRFC is a market borrowing arm of Indian railways and is primarily in the business of leasing operation and financing of project assets. In FY20, AUM of IRFC grew by 32.4% YoY and disbursement by 35.9% YoY. IRFC saw a strong growth during FY20, NII grew at 16.2% vs 9.2% in FY19, PPoP by 14.8% vs 9.9% in FY19, PAT saw a strong growth of 49.2% vs 6.9% in FY19 as it is not required to pay MAT tax. As a borrowing arm, IRFC financed 48.2% of Capex of Indian railways through various sources of funding from market. At upper price band, IPO is priced at a P/E of 7.6x and P/BV of...