The IRCTC IPO has opened for subscription on Monday. It's priced between Rs 315 - 320 per share and the company has Rs 1,140 crore cash in books as of FY19-end . The Indian Railway Catering and Tourism Corporation is the only entity authorised by Indian Railways to provide catering services to railways, online railway tickets and packaged drinking water at railway stations and trains around the country. The IPO offer is part of the government's divestment programme. However, a key risk for IRCTC is that it's business and revenues are substantially dependent on the Indian Railways and it's profitability could be hit by any adverse change in policy.