Workers walk past a train sitting at a maintenance depot near Sandhurst Road railway station in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

RITES IPO Subscribed 67 Times On Final Day Of Bidding

Railways consultancy firm RITES’ initial public offer received strong investor demand, with the issue getting subscribed 66.59 times so far on the final day of bidding today.

The share sale to raise about Rs 466 crore received bids for over 167 crore shares against the total issue size of 2.52 crore shares, as per the NSE data till 1615 hrs. Till yesterday, the IPO was subscribed 2.11 times.

The price band for the issue, which opened for subscription on Wednesday, 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.

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