The Initial Public offer (IPO) of RITES Limited has received overwhelming response from investors with the issue receiving overall subscription of 67.24 times with bids for 1,69,43,77,760 equity shares against the size of 2,52,00,000 Equity Shares. The IPO opened for subscription on June 20, 2018 and closed for subscription on June 22, 2018.
The company came out with Initial Public offer of 2,52,00,000 Equity Shares of face value of Rs. 10 through 100% Book Building issue in a price band of Rs 180 to Rs 185.
The offer also includes Discount of Rs.6/- per Equity Share for Retail Individual bidders and Eligible Employees category.Elara Capital (India) Private Limited, IDBI Capital Markets & Securities Limited, IDFC Bank Limited, SBI Capital Markets Limited were the Book Running Lead Managers to the IPO.
Elara Securities (India) Private Limited, IDFC Securities Limited, SBICAP Securities Limited and Sharekhan Limited were the Syndicate Members to the offer. Link Intime India Private Limted is the registrar to the company.
The Qualified Institutional Buyers (QIBs) portion of the issue received bids for 71.72 times resulting in subscription of 860586560 equity shares against the offer of 12000000 equity shares. The Foreign Institutional Investors(FIIs) applied for 151404400 equity shares, Domestic Financial Institutions(Banks / Financial Institutions(FIs) / Insurance Companies) for 275659920 equity shares, Mutual funds for 83275680 equity shares and other for 350246560 equity shares.
The Non Institutional Investors portion of the issue received bids for 700422960 equity shares agains the offer of 3600000 equity shares resulting in huge demand of 194.56 times. The Corporates bid for 115036560 equity shares, Individuals(Other than RIIs) for 558830640 equity shares and others for 26555760 equity shares.
The Retail Individual Investors(RIIs) portion of the issue received subscription of 15.74 times with bids for 132215760 equity shares against the offer of 8400000 equity shares.
The Employees portion of the issue received bids for 0.96 times with demand of 1152480 equity shares against the offer of 1200000 equity shares.