RailTel Corporation makes debut on bourses, lists at 16% premium

New Delhi: Telecom infrastructure provider  RailTel Corporation of India which made its debut on the bourses on Friday (February 26), opened nearly 16% higher than the issue price. RailTel Corporation of India opened at Rs 109, as against its issue price of Rs 94 per share, while on BSE the scrip opened at Rs 104.60 per share.

The initial public offer of RailTel Corporation of India was subscribed 42.39 times on the final day of subscription on February 18. The Rs 819.24-crore offer received bids for 2,59,42,43,370 shares against 6,11,95,923 shares on offer, as per data available with the NSE. The qualified institutional buyers (QIBs) category was subscribed 65.14 times, non institutional investors 73.25 times and retail individual investors (RIIs) 16.78 times.

The public issue was of 8,71,53,369 equity shares and had a price range of Rs 93-94 per share.

ICICI Securities, IDBI Capital Markets & Securities Limited and SBI Capital Markets were the managers to the offer. 

The mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway track. RailTel provides broadband telecom and multimedia network across the country.

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As on June 30, 2020, its optic fiber network covers over 55,000 kms and 5677 railway stations across towns and cities in the country.

With PTI Inputs