IRFC IPO opens for subscription on January 18: All you need to know IRFC IPO opens for subscription on January 18: All you need to know The Indian Railway Finance Corporation IPO will be the first one of the calendar year 2021 and the subscription period will start from January 18. advertisement UPDATED: January 13, 2021 14:05 IST The Indian Railway Finance Corporation’s (IRFC) initial public offering (IPO) is all set to open for subscription on January 18. The Rs 4,600 crore IPO will be the first by a public sector non-banking financial company (NBFC). The IRFC IPO will be the first one of the calendar year 2021 and the subscription period will close on January 20.