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The initial public offer (IPO) of RailTel Corporation of India received bids for 16.13 crore shares as against 6.11 crore shares on offer on Tuesday (16 February 2021), according to the stock exchange data at 17:00 IST. The issue was subscribed 2.64 times.
The issue opened for bidding on Tuesday, 16 February 2021, and it will close on Thursday, 18 February 2021. The price band for the IPO is set at Rs 93-94 per share. An investor can bid for a minimum lot of 155 equity shares and and in multiples thereof.
The IPO comprises an offer for sale (OFS) of 8,71,53,369 equity shares by the Government of India. The company will not be directly receiving any proceeds from the offer and all the offer proceeds will be received by the selling shareholder.
Ahead of the IPO, the company on 15 February 2021 allotted 2.59 crore shares to anchor investors at Rs 94 per share, aggregating to Rs 243.99 crore.
The public sector undertaking posted a net profit of Rs 45.58 crore and total sales of Rs 537.40 crore in six month ended September 2020.
RailTel Corporation of India, a public sector undertaking under the Ministry of Railways (MoR), Government of India, is an information and communications technology (ICT) infrastructure provider and is one of the largest neutral telecom infrastructure providers in the country.
As of 31 January 2021, the company owns a pan-India optic fiber cable (OFC) network of about 59,098 route kilometers on exclusive Right of Way (RoW) along railway track and connects several towns & cities of the country and several rural areas. Its OFC network connects 5929 railway stations across towns and cities in India.
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