IPO Update: RITES, Fine Organic entice investors, register listing gains

Even as the benchmark indices were bleeding, the newly listed stocks of RITES and Fine Organic gave investor something to cheer about, on Monday. RITES is trading 10 per cent higher than its listing price, while Fine Organic is up 3 per cent.

In absence of any blockbuster IPO offering in the recent past, investors cheered the listing of government enterprise RITES Limited and oleo-chemical company Fine Organic for their long-term value. Both the IPOs gave listing gains to investors despite the benchmark and broad markets trading in the red territory.

At 10:50 hours, the new entrant RITES Limited was quoting Rs. 203.40 per share, which is nearly 10 per cent or Rs. 18.40 higher than the issue price of the IPO offering and 7 per cent higher than the debut price of the stock.

While Fine Organic Industries was quoting Rs. 806.60 per share, which is nearly Rs. 23.60 higher or 3.01 per cent up from the issue price of the IPO offering and is witness selling pressure at 1.03 per cent lower than the debut price of the stock, at 10:57 hours on Monday. The benchmark index BSE Sensex was at 35,222.58, down by 200.90 or 0.57 per cent, at 11:01 hours.