S & P Global Ratings has said that Indian Railway Finance Corporation s (IRFC s) initial public offering does not alter its view of government support to the company. The government, which has been the sole owner of IRFC since its inception in 1986, holds about 86 per cent shares after the listing. In the IPO exercise, the government sold 5 per cent stake and additional 10 per cent shares were issued to the market. The divestment does not affect our assessment of IRFC s critical link and integral role to the government. The IPO plans were announced as far back as 2017 and we had factored the potential share sale in our ratings on the company since then.