RITES IPO subscribed 60% on first day of bidding

The category set aside for qualified institutional buyers (QIBs) was subscribed 2%, non-institutional investors 19%, and retail investors 1.64 times.

The initial public offer of railways consultancy firm RITES was subscribed 60 per cent on the first day of the three-day bidding on Thursday.

The share sale to raise about ₹466 crore got bids for 1,50,44,560 shares as against total issue size of 2,52,00,000 shares, (Abhijit Bhatlekar/ Mint)

The share sale to raise about ₹466 crore got bids for 1,50,44,560 shares as against total issue size of 2,52,00,000 shares, according to NSE data.

The category set aside for qualified institutional buyers (QIBs) was subscribed 2%, non-institutional investors 19%, and retail investors 1.64 times.

The price band for the issue has been fixed at ₹180-185 per share.

RITES is the first state-owned firm to hit the IPO market in the current fiscal. The IPO will close on June 22.

Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue.