Strong Debut: RITES closes with 15% premium at Rs 212.70 on Day 1
Shares of RITES, the railways consultancy firm, have seen strong buying demand from investors on the first day as the stock rallied 12 percent despite weak market condition.
It closed at Rs 212.70 on the BSE against issue price of Rs 185, after hitting an intraday high of Rs 224.40.
The stock price hit an intraday low of Rs 190 which was also the opening price.
The Rs 466-crore initial public offer had garnered strong investor demand, with the issue getting oversubscribed 67.24 times during June 20-22.
The issue had consisted of offer for sale of 2.52 crore equity shares by the government. It was the first state-owned firm to hit the IPO market in the current fiscal.
RITES is a wholly owned government company, a Miniratna (Category – I) Schedule ‘A’ public sector enterprise. It is a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field under one roof, as per IRR Report.