Govt to sell 12% stake in RITES through IPO

MUMBAI: State-owned engineering consultancy RITES Ltd on Tuesday said that it will launch its ₹466.2 crore initial public offering (IPO) on June 20. The sale will close on June 22. The firm has set a price band of ₹180-185 per share. The IPO is a pure offer for sale by the government, which is selling a 12% stake in the firm. The RITES share sale comes after over a month-long lull in the IPO market, as companies stayed away from launching IPOS due to volatility in the stock markets. The last IPO to hit the primary market was Indostar Capital Finance Ltd, which raised ₹1,844 crore through its share sale in May.