An Indian Railways employee stands on a freight train as smoke billows from a fire behind a passenger train in a rail yard at at Mughalsarai Junction station in Mughalsarai, Uttar Pradesh, India. (Photographer: Dhiraj Singh/Bloomberg)

Railway Consultancy RITES IPO Subscribed 0.60 Times On First Day

The initial public offer of railways consultancy firm Rail India Technical and Economic Services Ltd. was subscribed 60 percent on the first day of the three-day bidding today.

The share sale to raise about Rs 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 was subscribed 2 percent, non-institutional investors 19 percent and retail investors 1.64 times.

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. The offer will close on June 22.

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

Also read: RITES IPO Opens: Here’s All You Need To Know