The smashing new debutant on the bourses today is RITES. A PSU, it is a wholly owned subsidiary of the Government of India. The stock got listed on the BSE at Rs.190 v/s IPO price of Rs.185.
RITES is a transport infrastructure consultant to the Indian Railways and many other government agencies and PSUs such as NHAI, Airports Authority of India, Indian Port Rail Corporation, Delhi Metro Rail Corporation, NTPC, SAIL, Dedicated Freight Corridor Corporation, High Speed Rail Corporation of India, Metro–Link Express for Gandhinagar and Ahmedabad Company etc.
The IPO has met with a good response – it was subscribed 67 times with the lion’s share being taken by HNIs at over 194 times and retail investors was at 16 times.