Amid choppy St, RailTel debuts with 16% gains

NEW DELHI: RailTel Corporation of India on Friday got listed on NSE with a premium of 16% against its issue price of Rs 94 apiece.

Notwithstanding the selloff in the broader market, the stock made a debut at Rs 109, reflecting a gain of 15.95% as compared to the issue price on NSE.

At BSE, shares of the company got listed at Rs 104.60, reflecting a gain of 11.27%.

The company's market valuation stood at Rs 3,846.45 crore.

The initial public offer of the telecom infrastructure provider was subscribed over 42 times.

The qualified institutional buyers (QIBs) categor y was subscribed 65.14 times, non-institutional investors 73.25 times and retail individual investors (RIIs) 16.78 times.

The mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the countr y owning an optic fiber network on exclusive Right of Way (RoW) along railway track.