RailTel Corporation of India Limited’s initial public offering (IPO) will finalise the basis of the allotment of the IPO on February 23. The 819-crore RailTel Corp’s IPO was subscribed 42.39 times as the public issue received an overwhelming response from the investors across all categories with qualified institutional buyers (QIBs) subscribing their portion at least 65.14 times. While the non-institutional investors subscribing their reserved portion 73.25 times and retail individual investors (RIIs) 16.78 times, now all eyes are set on RailTel IPO share subscription allotment finalisation.
The first public issue of the state-owned information and communications technology infrastructure provider was floating between February 16 and 18 and it received the highest-ever retail participation among the six IPOs from the Railways that have hit the market so far.
The company in consultation with merchant bankers is reportedly expected to finalise the issue price at Rs 94, which is also the higher end of the price band. Further, the Indian Railways owned RailTel Corporation of India Limited is expected to make its share market debut on February 26 after the cabinet had approved the IPO of RailTel Copr. in December 2018 by diluting up to 25 per cent government stake.