RITES stock debuts with premium of 2.7% at Rs 190 on BSE
Railways consultancy firm RITES started off the first day at Rs 190 per share on the BSE on Monday.
The stock price rallied 2.7 percent compared to issue price which fixed at Rs 185 per share.
It traded 9.7 percent higher at Rs 202.95 after hitting a high of Rs 205.75.
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 price band for the issue was fixed at Rs 180-185 per share. 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.