The latest IPO offering of RailTel Corporation was highly successful. RailTel received a total of 2,59,42,43,370 bids against 6,11,95,923 number of shares. Read on to know how to check RailTel IPO allotment status.
The initial public offer of the govt owned RailTel Corporation of India Limited received a huge response from the investors. The initial value of the RailTel IPO was 819.24 crore rupees. According to data from the NSE, RailTel received 2,59,42,43,370 bids against 6,11,95,923 shares on offer. It's a huge IPO for the company a good sign of growth for the future of the firm. The portion of IPO that was reserved for retail investors was subscribed to 16.78 times whereas the qualified portion of the IPO reserved for institutional buyers was subscribed to 65.29 times. The public issue of 8,71,53,369 shares had a price range of about Rs. 93-94 per share.
The basis of allotment of the IPO of RailTel is going to be announced on February 23. The IPO for RailTel was heavily oversubscribed and the allotment process for the shares will be done through a lottery system. The registrar of RailTel IPO will initiate the refund process for the rejected bids on February 24. The shares of RailTel will be credited to the investors' demat accounts on February 24. The listing for the IPO will take place on February 26.
You can check RailTel IPO allocation status by following the given steps. First, go to the BSE or NSE website. Once you are on the respective websites, click the 'Equity' option. Enter your application number and PAN and then click the 'Search' button. The status of the allotment will be given to you.
RailTel Corporation is a Public Service Undertaking (PSU) company. It is also one of the largest neutral telecom infrastructure providing company in India. RailTel has a vast network of optic fibre data cables running alongside railway tracks with an exclusive Right of Way(RoW). RailTel Corporation provides broadband, telecom and internet access all across the country.
RailTel's optic fibre network covers 55,000 km and more than 5600 railway stations across the whole of India. The company was commanding a RailTel IPO grey market premium (GMP) of Rs. 25-30 before the public listing. RailTel is one of the seven major initial public offerings this year and second by the Ministry of Railways. Before RailTel, Indian Railway Finance Corporation (IRFC) was also listed on the stock market. Stay tuned for more news on the stock market and RailTel.