RITES IPO oversubscribed by 67.17 times

The initial public offering (IPO) of RITES Limited was oversubscribed 67.17 times. The issue reportedly received total bids of about 1.7 billion  shares against the total issue size of 25.2 million shares. The qualified institutional buyer quota was oversubscribed 71.71 times while the non- institutional investor category saw 194.56 times oversubscription. The retail investors’ portion was oversubscribed 15.52 times while the employee reserved category witnessed 0.96 times oversubscription. The company raised Rs 4.66 billion from the issue. Meanwhile, railway public sector units – Indian Railway Finance Corporation (IRFC) and IRCON International Limited – are likely to come out with IPOs in the next two months. While IRCON has already approached the Securities and Exchange Board of India (SEBI) with its IPO papers, IRFC will file the draft red herring prospectus soon.