IPO Update: RITES Limited subscribed 19 per cent at lunch

With the markets rallying up more than 200 points, the two new IPOs opening on Wednesday are experiencing positive investor interest. The IPOs of state-owned engineering consultancy RITES Limited and specialty chemical major Fine Organics are open for subscription until June 22, 2018.

RITES Limited was cheered by the market and was subscribed 19 per cent at 13:00 hours on Wednesday. The total issue size of the Initial Public Offering (IPO) is 2,52,00,000 equity share. At lunch hours, total bids received were 48,22,160 and of which 36,47,920 were received at cut-off price. The IPO is available at a price band of Rs. 180 to 185.00 per share of face value Rs. 10. Retail Investors and employees are offered an additional discount of Rs. 6 per share.

Meanwhile, the second IPO offering of the day, Fine Organics Industries saw a meager subscription of 2 per cent at 13:15 hours on Wednesday. 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 1,03,208 were received at cut-off price. The IPO is available at a price band of Rs. 780 to 783.00 per share of face value Rs. 5.

Fine Organics managed to raised Rs. 180 crore from Anchor investors on Tuesday ahead of its IPO. A total of 22,99,497 shares were subscribed by 15 Anchor investor at Rs. 783 per share.