Govt-Owned IIFCL Sets Sights On IPO By 2024

Government-owned India Infrastructure Finance Company (IIFCL) could be headed for an IPO as early as next year.

What Happened? The infrastructure lender is considering a listing by 2024 if market conditions are right, PR Jaishankar, managing director of IIFCL, said in an interview with Moneycontrol.

“Given the pace at which the company has been growing and the pace at which its internal systems are being revamped, I’m sure we will be in a position to come up with an IPO by next year. I’m very optimistic about that,” Jaishankar was quoted as saying.

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Jaishankar also added that the firm had been able to bring its net and gross non-performing assets (NPAs) down to 1.41% and 4.76%.

The managing director also told the publication that IIFCL plans to sanction loans of ₹40,000 crore to ₹45,000 crore next year and disburse around ₹20,000 crore.

IIFCL posted a standalone profit after tax of ₹1,076 crore in FY23, compared with ₹514 crore a year ago.

Being completely government-owned, IIFCL could become the first public sector firm to conduct an IPO since Life Insurance Corporation of India (LIC) went public in May 2022. However, India’s biggest life insurance firm has lost a third of its market value since listing.

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