Blockbuster listing! RITES share price rallies 11% on stock market debut after bumper IPO

By: | Published: July 2, 2018 10:14 AM

RITES IPO listing: Shares of RITES marked a blockbuster stock market debut on Monday with share price rallying more than 11% on listing on BSE and NSE after the state-owned construction and engineering firm successfully concluded its Rs 460 crore IPO in June.

RITES share price today: RITES share price NSE rose about 11.19% to a day’s top of Rs 205.7 on Monday. (Image: RITES Website)

RITES IPO listing: Shares of RITES marked a blockbuster stock market debut on Monday with share price rallying more than 11% on listing on BSE and NSE after the state-owned construction and engineering firm successfully concluded its Rs 460 crore IPO in June. RITES share price advanced as much as 11.22% to a day’s high of Rs 205.75 on BSE.

RITES share price today: RITES share price NSE rose about 11.19% to a day’s top of Rs 205.7 on Monday. Shares of RITES are admitted in the ‘B’ group of equity shares on BSE. Upon successful stock market listing, RITES achieved a market capitalisation of Rs 4,061 crore on the basis of day’s high share price of Rs 205.75 on BSE.

Live: Track RITES share price here

In the IPO, RITES successfully managed to raise Rs 460 crore at the upper end of the price band of Rs 185 per equity share. At the end of three-day bidding process from 20 to 22 June 2018, RITES IPO was nearly subscribed 67 times with the portion allocated to HNIs (High-Networth Individuals) receiving the maximum bids followed by the quota reserved for institutional investors. On the last day of bidding, 22 June 2018, QIBs portion was subscribed 72 times, NII portion was subscribed 195 times, retail investor portion was subscribed 14 times while shares allotted to employees category was subscribed 0.96 times.

In the RITES IPO, the President of India, acting through Ministry of Railways sold 12.6% stake as a part of government’s disinvestment plan of Rs 80,000 crore for the fiscal year 2018-2019. All the proceeds from the RITES IPO have gone to the government as the IPO didn’t consist a fresh equity offer.

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