RailTel IPO a hit, subscribed over 42 times

MUMBAI: The initial public offering (IPO) of RailTel has been subscribed more than 42 times as the offer ended.

The IPO opened on Tuesday, Februar y 16.

Taking to Twitter, Secretar y, Department of Investment and Public Asset Management (DIPAM), Tuhin Kanta Pandey said: "RailTel IPO received great demand from all categories of investors and was subscribed more than 42 times. We thank all investors for their participation."

The total size of the offer was of Rs 819.24 crore at the upper price band of Rs 94 per share.

The offer comprised of 87,153,369 equity shares of face value of Rs 10 each and was a complete offer for sale by the government.

The company would not directly receive any proceeds from the same.

The minimum bid lot was of 155 equity shares, thereaf ter in multiples.