RITES IPO closes today, oversubscribed 2.11 times on day 2

New Delhi: The initial public offer of railways consultancy firm RITES will close on Friday.

The RITES IPO was oversubscribed 2.11 times on the second day of bidding on Thursday. The share sale to raise about Rs 466 crore received bids for 5,32,54,320 shares against the total issue size of 2,52,00,000 shares, as per NSE data.

The category set aside for qualified institutional buyers (QIBs) was subscribed 32 percent, non institutional investors 49 percent and retail investors 5.59 times.

Till Wednesday, the IPO was subscribed 60 percent. The price band for the issue has been fixed at Rs 180-185 per share.

RITES is the first state-owned firm to hit the IPO market in the current fiscal.

Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue. Link Intime India Private Ltd is the registrar.

The proceeds from the offer will go to the government of India. RITES equity shares are proposed to be listed on BSE and NSE.

With PTI Inputs