RITES shares rise on stock market debut

RITES IPO was open during June 20-22 and was in a price band of Rs 180-185.

RITES shares rise on stock market debut

New Delhi: Shares of Railways consultancy firm RITES Ltd rose in their market debut on Monday. Shares of RITES were up 10.11 percent at Rs 203.65.

RITES IPO was open during June 20-22 and was in a price band of Rs 180-185.

Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets were the book running lead managers to the issue.

RITES is the first state-owned firm to hit the IPO market in the current fiscal. The company's IPO garnered strong investor demand, with the issue getting subscribed more than 67 times on the last day of bidding on Friday.

The share sale of the state-owned firm to raise about Rs 466 crore received bids for over 169 crore shares against the total issue size of 2.52 crore shares.

The category set aside for qualified institutional buyers (QIBs) was subscribed 71.72 times, non-institutional investors 194.56 times and retail investors 14.72 times, as per PTI reports.

With PTI Inputs

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