New Delhi, Aug. 23 -- State-owned Indian Railway Catering and Tourism Corp. Ltd (IRCTC), which sells tickets for Indian Railways and manages its catering services, on Thursday filed draft papers for its initial public offering (IPO).

The government is looking to offload up to 20 million shares in IRCTC via the IPO, which could fetch the Centre around Rs.500-600 crore. The stake sale will result in the government reducing its stake in the company by about 12.5%.

IRCTC's business is divided into four segments - internet ticketing, catering, packaged drinking water under the 'Rail Neer' brand, and travel and tourism. While its sales rose 25% to Rs.1,899 crore, its profit grew 23.5% to Rs.272.5 crore in fiscal year 2019, compared to the previ...