Mumbai, Aug. 22 -- State-owned Indian Railway Catering and Tourism Corporation Ltd (IRCTC), which sells tickets for Indian Railways and manages its catering services, on Thursday filed draft papers for its initial public offering.

The government is looking to offload up to 2 crore shares in IRCTC via the initial public offering (IPO), which could fetch the Centre around Rs500-600 crore. The stake sale will result in the government reducing its stake in the company by approximately 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.

IRCTC's proposed listing on the stock bourses is part of the government's plans to take public s...