Updated: February 26, 2021 11:51:42 am
Shares of RailTel Corporation of India made a strong debut on the BSE and National Stock Exchange (NSE) today listing at over 10 per cent above their issue price.
The scrip got listed at Rs 109.00 apiece on the NSE, thereby registering a rise of 15.96 per cent from its offer price of Rs 94. On the BSE, it debuted at Rs 104.60, up 11.28 per cent from the issue price. The stock however continued to rally and hit a high Rs 123.65 on NSE and Rs 123.70 on the BSE during its first hour of trade on the first day.
Over 7.57 crore shares of RailTel were traded on the NSE during the first hour of trade, while over 62.18 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.
The Rs 819.2 crore IPO of RailTel met a robust demand during its offer period from February 16-18. The issue was oversubscribed within a few hours on the first day of opening and was eventually subscribed 42.39 times on the final day.
The qualified institutional buyers (QIBs) category was subscribed 65.14 times, non institutional investors 73.25 times and retail individual investors (RIIs) 16.78 times.
The company will not receive any proceeds from the offer and all proceeds shall go to the selling shareholder (government).
Before the beginning of the IPO, it saw Rs 243.99 crore come from 14 anchor investors on February 15.
RailTel is one of the largest neutral telecom infrastructure providers in the country, owning an optical fibre network on the right of way along the railway tracks. It is a Mini Ratna (Category-I) Central Public Sector Enterprise, wholly-owned by the Government of India and under the administrative control of the Ministry of Railways.
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