IPO Update: RITES oversubscribed 4 times, Fine Organic close to being oversubscribed

In testing market condition on the last trading day of the week as well as the last day of subscription for two IPOs RITES and Fine Organics, investors seem to be wanting to subscribe these IPOs.

The Initial Public Offering (IPO) of RITES Limited, the government enterprises which provides consultancy for railway engineering and specialty additive manufacturer Fine Organics opened for subscription on June 20, 2018 and closes on Friday, June 22, 2018.

IPO of RITES Limited was oversubscribed 4.32 times at 12:00 hours on Friday. The issue size of the IPO is 2,52,00,000 equity shares. According to data available with NSE, at lunch hours, total bids received at both the exchanges were 10,89,22,640 and of which 6,28,36,480 were received at cut-off price. The price band for the IPO is fixed at Rs. 180 to 185.00 per share of face value Rs. 10. While retail investors and employees are entitled to a discount of Rs. 6 per share.

The IPO of Fine Organics Industries witnessed a subscription of 96 per cent at 12:00 hours on Friday. The issue size of the IPO is 53,65,497 equity shares. According to data available with NSE, at lunch hours, total bids received were 51,77,519 and of which 15,63,168 were received at cut-off price. The price band for the IPO is fixed at Rs. 780 to 783.00 per share of face value Rs. 5.

Meanwhile at 12:56 hours, the benchmark index BSE Sensex was at 35,476.53, up 44.14 points or 0.12 per cent on Friday.