RITES IPO issue that received an overwhelming investor response made its debut on the bourses in today's trade with a premium of 2.7% over the issue price i.e. at Rs. 190.
The public sector construction consultancy firm was the first state-owned company that floated the IPO offer this financial year. Through the offer for sale offer government aimed at divesting close to 12.6% stake in it. This year the government aims to garner a total of Rs. 80,000 crore from its divestment plans in public sector undertakings.
Another firm Fine Organics also hit the bourses with 4% gains on the NSE at Rs. 815.
Fine Organic is the largest manufacturer of oleochemical-based additives in India