The initial public offer of railways consultancy firm RITES was oversubscribed 1.50 times so far on the second day of bidding today. The share sale to raise about Rs 466 crore received bids for 3,78,71,520 shares against the total issue size of 2,52,00,000 shares, data available with the NSE till 1445 hrs showed. Till yesterday, the IPO has subscribed 60 per cent.
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 IPO will close tomorrow. Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue.