IRCTC (indlan Railway Catering and Tourism Corporation) went IPO yesterday, raising~$10M by selling 12% of its stocks thus, making the railway’s catering company valued at $100M. (PS: remaining 88% will still be owned by the Govt.) The biggest source of its success-selling garam pakoda.

Here's the catch about this IPO – all the money raised will NOT go to IRCTC but to Govt who is having a shortfall in its budget. Let's dig in...