RITES IPO subscribed over 66 times on final day

The three-day initial public offering (IPO) of Railways consultancy firm RITES (Rail India Technical and Economic Services Ltd) got a tremendous response with a subscription of over 66.75 times. RITES IPO offered 2.52 crore equity shares, including 12 lakh shares to employees. RITES is the first central public sector enterprise to launch an IPO in the current fiscal besides being the first Railway CPSE to be listed on the stock markets after Concor in 1994-95. The IPO set a positive tone for Centre’s disinvestment plan as it will get around ₹466 crore by selling 12.6% stake.