RailTel Corporation of India Ltd (RailTel) received bids of 16.13 crore shares against the offered 6.11 crore shares, reflecting a 2.6 times over-subscription on the first day of the issue, as per data on the bourses. The portion reserved for retail investors was subscribed 4.99 times, stated a release.

While the qualified institutional buyer remained unsubscribed, the non-institutional investor category was subscribed 0.75 times, it added. The employee reservation category was subscribed 0.81 times. The total size of the offer is of ₹819.24 crore at the upper price band of ₹ 94 per share. The price band has been fixed at ₹93–94 a equity share.

The offer comprises 8.71 crore shares of face value of ₹10 each. As it is an offer-for-sale, the entire proceeds will go to the Government.

Anchor investors

Ahead of the IPO, the company had raised ₹244 crore from 14 anchor investors which included investors such as UK-based Aurigin Capital, Reliance Capital managed Cohesion MK Best Ideas Sub-Trust, Singapore based, Integrated Core Strategies Asia and Goldman Sachs India. Some domestic Investors like HDFC Life Insurance Company, ICICI Prudential MF, Aditya Birla Sun Life Insurance, Tata MF, Edelweiss AIF participated in the anchor investment, added the release.

The shares were allotted to anchor investors at ₹94 a share.