The RITES surge 15 per cent on the first day of listing
RITES, a government owned Miniratna company managed to close at a premium of 15 per cent to its issue price on the first day of its listing.
The stock got listed on the bourses today at Rs. 190 per share as against IPO price of Rs. 185.
After opening at marginal gain of 2.7 per cent from its issue price the stock in its first trading day spiked almost 12 per cent on intraday basis. The stock managed to close at Rs. 212.7 per share. With this closing price the investors gain from IPO price stands at almost 15 per cent which has enthused investors.
The company’s order book an on March 2018 stands around Rs. 4,800 crore which translate book-to-bill of 3.5X on FY17 revenue.RITES is a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field under one roof.