The initial public offer of railways consultancy firm RITES was subscribed 60 per cent on the first day of the three-day bidding today. The share sale to raise about Rs 466 crore got bids for 1,50,44,560 shares as against total issue size of 2,52,00,000 shares, according to NSE data. The category set aside for qualified institutional buyers (QIBs) was subscribed 2 per cent, non-institutional investors 19 per cent and retail investors 1.64 times.
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 on June 22. Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue.