RITES IPO oversubscribed 2.11 times on Day 2

The initial public offer of railways consultancy firm RITES was oversubscribed 2.11 times on the second day of bidding on Thursday. The share sale to raise about Rs 466 crore received bids for 5,32,54,320 shares against the total issue size of 2,52,00,000 shares, as per NSE data.

The category set aside for qualified institutional buyers (QIBs) was subscribed 32 per cent, non institutional investors 49 per cent and retail investors 5.59 times.

Till yesterday, the IPO was 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 later today.

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Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets are managing the issue.