IPO Update: RITES oversubscribed, Fine Organic subscribed 16 per cent at lunch

Despite lull market conditions, the two open IPOs continued to received investor interest on Thursday, the second day of subscription. The Initial Public Offering (IPO) of state-owned railway engineering company RITES Limited and additive chemical major Fine Organics are open for subscription until Friday, June 22, 2018.

RITES Limited was oversubscribed 1.04 times at 12:30 hours on Thursday. The total issue size of the IPO is 2,52,00,000 equity share. At lunch hours, total bids received were 2,62,78,880 and of which 2,06,38,880 were received at cut-off price. The IPO's price is fixed at Rs. 180 to 185.00 per equity share of face value Rs. 10 each. Retail Investors and employees will receive an extra discount of Rs. 6 per equity share.

While, the second IPO offering, Fine Organics Industries saw a subscription of 16 per cent at 12:30 hours on Thursday. The total issue size of the offering is 53,65,497 equity shares. At lunch hours, total bids received were 1,21,809 and of which 5,24,552 were received at cut-off price. The IPO's price is fixed at Rs. 780 to 783.00 per equity share of face value Rs. 5 each.

Overall, the market saw lack lustre trading in pre-lunch session. At 12:53 hours, the benchmark index BSE Sensex was at 35,543.83, down marginally by 3.50 points or 0.01 per cent.