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Initial Public Offering: RITES, Fine Organic Industries Rise on Market Debut

The stock listed at Rs 190, a gain of 2.70 per cent from the issue price on BSE. It later soared 21.29 per cent to Rs 224.40.

PTI

Updated:July 2, 2018, 1:34 PM IST
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Initial Public Offering: RITES, Fine Organic Industries Rise on Market Debut
Image for representation (Photo: Reuters)
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Mumbai: Shares of railways consultancy firm RITES today debuted at the bourses with nearly 3 per cent premium against the issue price of Rs 185.

The stock listed at Rs 190, a gain of 2.70 per cent from the issue price on BSE. It later soared 21.29 per cent to Rs 224.40.

At NSE, shares of the company opened at Rs 190.

The company's market valuation stood at Rs 4,299 crore.

In terms of equity volume, 47.19 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the morning trade.

IPO of RITES was open during June 20-22 and was in a price band of Rs 180-185.

RITES garnered strong investor demand, with the issue getting subscribed more than 67 times.

RITES is the first state-owned firm to hit the IPO market in the current financial year.
| Edited by: Ahona Sengupta
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