A researcher performs tests inside the Tessa Therapeutics Pte. and Institute of Molecular and Cell Biology (IMCB) co-lab in Singapore.(Photographer: Nicky Loh/Bloomberg)

RITES IPO Subscribed 2.11 Times On Second Day Of Bidding

Day 2 Subscription

  • Qualified institutional buyers: 0.32 times
  • Non-institutional bidders: 0.49 times
  • Retail investors: 5.59 times
  • Employees: 0.56 times
  • Overall: 2.11 times

The initial public offering of state-owned Rail India Technical and Economic Services Ltd. subscribed 2.11 times on the second day of bidding today.

The portion reserved for qualified institutional buyers received 0.32 times more demand for the shares on offer. While the retail investors’ portion subscribed 5.59 times, that of non-institutional bidders subscribed 0.49 times, according to data available with the stock exchanges.

The government plans to raise up to Rs 460 crore through this offer. It intends to sell 2.52 crore shares of the railways consultancy firm at Rs 180-185 apiece, which will bring down its stake by 12.6 percent.

RITES is a transport and engineering consultant—incorporated by the Ministry of Railways—that provides services overseas.

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