RailTel IPO gets massive response, subscribed over 42 times

• RailTel IPO receives a massive response from the market, subscribed over 42 times

• The IPO was opened on Tuesday, February 16 and ended on Thursday

New Delhi/ Mumbai: "RailTel IPO received great demand from all categories of investors and was subscribed more than 42 times. We thank all investors for their participation" tweeted Tuhin Kanta Pandey (IAS) Secretary, Department of Investment and Public Asset Management (DIPAM) thanking the investors and it was valid so. The initial public offering (IPO) of RailTel has received a massive response in a bullish market as the issue got subscribed 42.4 times on the final day. "Given the decent financial track record and a strong runway for growth in coming years, the future looks promising for the RailTel", said Sharekhan reacting to the development.

The RailTel IPO opened on Tuesday, February 16.

The total size of the offer was Rs 819.24 crore at the upper price band of Rs 94 per share. The offer comprised 87,153,369 equity shares of the face value of Rs 10 each and was a complete offer for sale by the government. The company would not directly receive any proceeds from the same. The IPO size did not include the anchor book portion as the company already mopped up Rs 244 crore from anchor investors at the higher end of the price band of Rs 93-94 per share on February 15. The public issue comprises a complete offer for sale of over 8.71 crore equity shares by the Government of India.

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The minimum bid lot was 155 equity shares, thereafter in multiples. The price band was fixed at Rs 93-94 per equity share.

About RailTel

RailTel is one of the largest neutral telecom infrastructure providers in India with a pan-India optic fibre network. The company is a key partner to Indian Railways in digital transformation initiatives such as multi-protocol label switching (MPLS) data network, content on demand, e-office, Railway Display Network (RDN), Video Surveillance Systems (VSS), Hospital Management Information System, Modern Train Control System & Railwire Wi-Fi.

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