RITES IPO subscribed over 67 times on last day

The other IPO which also received huge responses were Happiest Minds Technologies and Chemcon Speciality Chemicals, which was subscribed 150.98 times and 149.3 times respectively. Interestingly, both these stocks have seen bumper listing gained over 100 percent. Let's see how the IPO subscription and listing happened in 2020 so far, considered only IPOs issue size over Rs 100 crore.

Railways consultancy firm RITES initial public offer garnered strong investor demand, with the issue getting subscribed more than 67 times on the last day of bidding today.

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, resulting in a total subscription of 67.12 times, NSE data till 1945 hrs showed.

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, merchant banking sources said.

Till yesterday, the IPO was subscribed 2.11 times.

The price band for the issue, which opened for subscription on Wednesday, 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.

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