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Our Bureau The initial public offering of RITES got subscribed over two times on Day 2 of the issue.
The ₹466-crore IPO received bids for 5.32 crore shares, against the total issue size of 2.52 crore, according to NSE data.
The issue has been receiving overwhelming response from retail investors. The portion reserved for retail investors has received bids for 5.6 times; as against an offer of 84 lakh shares, retail investors have so far bid for about 4.7 crore shares. The issue will close for subscription on Friday. The railways consultancy firm has fixed the price band at ₹180-185 a share.
The category set aside for qualified institutional buyers was subscribed just 32 per cent, while non-institutional investors’ portion received 49 per cent. Employees of RITES have so far bid for 56 per cent.
Fine Organic Industries
Meanwhile, the ₹600-crore IPO of Fine Organic Industries received bids for 39 per cent on the second day. Fine Organic Industries will also close for subscription on Friday. The IPO received 21.1 lakh bids against the total issue size of 53.65 lakh shares.
Ahead of the issue, Fine Organic Industries raised ₹180 crore from anchor investors, including Goldman Sachs India and HDFC Small Cap Fund, among others.
The issue consists of offer-for-sale from promoters and existing shareholders. Post issue, promoters’ stake will come down to 75 per cent.
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