The initial public offer (IPO) of RITES was subscribed 0.6 times on Wednesday, the first day of the offer, with investors bidding for 1.50 crore shares of the 2.52 crore shares offered to them. Qualified Institutional Buyers bid for 0.02 times the shares offered to them, high net worth individuals bid for 0.19 times their allocation, retail investors 1.64 times, and employees bid for 0.23 times of their allocation. RITES has set a price band of Rs 180 to Rs 185 per share for its initial public offering (IPO). The company plans to offer 2.52 crore shares for subscription through the IPO, which priced at the upper price of the band would indicate an issue size of Rs 466 crore. The offer will close on June 22. Investors can apply for a minimum of 80 shares and multiples of 80 thereof. The 100% offer-for-sale constitutes 12.60% of the post-offer paid-up capital of the company, and will see the stake of government of India decline from 100% to 87.40%, post the offer. The IPO is a part of the government's disinvestment programme and all the proceeds from the proposal will go the government. RITES has a significant presence as a transport infrastructure consultancy organization in the railway sector. The company also provides consultancy services across other infrastructure and energy market sectors including urban transport, roads and highways, ports, inland waterways, airports, institutional buildings, ropeways, power procurement and renewable energy. The company's revenue from operations on a consolidated basis for the financial year ( FY) 2015, 2016, 2017 and the nine months ended December 31, 2017, amounted to Rs 1, 012 crores, Rs 1, 090 crores, Rs 1353 crore and Rs 936 crore, respectively. The company's profit after tax was Rs 312 crore, Rs 282 crore, Rs 361 crore and Rs 252 crore, respectively, for the same periods. The company's revenue from operations has increased at a compounded annual growth rate (CAGR) of 15.60% from Rs 1,012 crore in the FY 2015 to Rs 1,353 crore in FY 2017, and their profit after tax (PAT) has increased at a CAGR of 7.63% from Rs 312 crore in FY 2015 to Rs 361 crore in FY 2017. On a standalone basis, the company has an order book of Rs 4,818 crore as on March 31, 2018. In 2017, 36 companies raised Rs 67,147 crore through IPOs. Listing gains and returns by newly listed companies as also the positive sentiment in the broader market are among the reasons attributed to the trend. BSE, GIC Re, NIA, HUDCO, CDSL, Avenue Supermarts, Shankara Building Products, S Chand and Company and Cochin Shipyard are some of the companies who completed their IPOs in 2017.