Railway PSU RITES aims for $550 Mn valuation in IPO
The public sector undertaking (PSU) of Indian Railways, RITES is looking forward to Rs. 3700 crore valuation in its initial public offering slated for June 20-22.
RITES, which is a state-owned railway consultant has designated a price band of Rs. 180-185 apiece resulting in an IPO size of Rs 466.20 crore.
Additionally, there is a Rs. 6 discount that will be given to retail investors and eligible employees. According to the sources, the proposed IPO will involve a sale of 25.2 million shares by the government which also includes the stock reserved for the employees.
Meanwhile, another news is ongoing rounds regarding RITES likely to acquire around 25 per cent stake in Indian Railway Stations Development Corporation (IRSDC), the nodal agency for the redevelopment projects. The gover...