The public issue of railways consultancy firm RITES received strong response from all categories of investors on the final day of the issue. Investors also gave a thumbs-up to the other IPO — Fine Organic Industries.

The share-sale of RITES, which aims to raise about ₹466 crore, received bids for over 168 crore shares, against the total issue size of 2.52 crore shares (67.2 times), according to NSE data till 1930 hours.

RITES had set a price band of ₹180-185 apiece.

The qualified institutional portion received bids for 71.7 times, while high net worth individuals bid for 194.56 times and retail investors, who from Day 1 onwards showed immense interest, finally settled for 14.72 times.

Even the portion set aside for employees received bids for 96 per cent.

Commenting on the successful IPO, Rajeev Mehrotra, CMD, RITES, said: “We are overwhelmed by the response to our IPO by investors. We would like to thank the public and the investors for trusting our business profile and believing in our growth trajectory.”

Fine Organic Industries

RITES is the first public sector company to hit the IPO market in the current fiscal. Through the issue, the Centre divested 12.6 per cent stake in the company.

The IPO of Fine Organic Industries was subscribed 8.92 times.

As against the issue size of 59.65 lakh shares, the public issue received bids for 4.783 crore shares. The price band for the issue is ₹780-783 a share.

The segment reserved for qualified institutional buyers was subscribed 12.85 times, non-institutional investors 21 times and retail investors 1.5 times, according to the exchange data.

Fine Organic Industries had raised ₹180 crore from anchor investors, including Goldman Sachs India and HDFC Small Cap Fund, among others.

The issue consists of an offer-for-sale from promoters and existing shareholders. Post issue, promoters’ stake will come down to 75 per cent.

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