Government to sell 12.6 per cent stake in RITES through IPO

State-owned engineering consultancy RITES Limited will launch its Rs 4.66 billion initial public offering (IPO) on June 20, 2018. The sale will close on June 22, 2018. The company has set a price band of Rs 180-Rs 185 per share. The IPO is a pure offer for sale by the government, which is selling a 12.6 per cent stake in the company. The government will get three years from the date of listing to bring its stake to 75 per cent or below. Elara Capital, IDBI Capital Markets, IDFC Bank and SBI Capital Markets are the merchant bankers managing the IPO.