RITES IPO subscribed 6691% on last day of issue | business news | Hindustan Times
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RITES IPO subscribed 6691% on last day of issue

The share sale to raise about Rs 466 crore received bids for 168.60 crore shares against the total issue size of 2.52 crore shares by 3.30 pm on Friday, as per data from the National Stock Exchange (NSE).

business Updated: Jun 22, 2018 18:28 IST
Press Trust of India
Press Trust of India
Press Trust of India, New Delhi
RITES IPO,RITES IPO subscription,RITES IPO price band
Elevators travel next to electronic boards displaying stock figures at the National Stock Exchange of India Ltd. (NSE) building in Mumbai.(Dhiraj Singh/Bloomberg)

The initial public offer of railways consultancy firm RITES Ltd was subscribed 6691% or 66.91 times on the last day of issue.

The share sale to raise about Rs 466 crore received bids for 168.60 crore shares against the total issue size of 2.52 crore shares by 3.30 pm on Friday, as per data from the National Stock Exchange (NSE).

The category set aside for qualified institutional buyers (QIBs) was subscribed 49.25 times on the NSE, non institutional investors 55.93 times, and retail individual investors 4.11 times.

Cumulative data from the BSE and NSE showed that subscription by individual retail investors was 5.59 times the size of the issue, while the QIB segment was subscribed 0.31 times by Thursday end.

The price band for the issue has been fixed at Rs 180-185 per share. RITES Ltd is the first state-owned firm to hit the IPO market in the current fiscal.

The IPO will close today. Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue.

RITES Ltd is an engineering consultancy established by the government in 1974 under the Indian Railways.

First Published: Jun 22, 2018 10:59 IST