RITES initial public offer oversubscribed 67 times

New Delhi, June 23 (IANS) The initial public offering (IPO) of railways consultancy firm RITES closed on Friday with the issue getting subscribed more than 67 times, stock exchange data showed.

The share sale of the state-run firm, earlier known as Rail India Technical and Economic Service, to raise around Rs 466 crore, received bids for over 169 crore shares against the total issue size of 2.52 crore shares, as per NSE data.

At the end of Thursday, the IPO was subscribed 2.11 times.

The price band for the issue, which opened for subscription on Wednesday, had been fixed at Rs 180-185 per share.

Elara Capital India, IDBI Capital Markets and Securities, IDFC Bank and SBI Capital Markets are managers to the issue.

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