RailTel Corporation makes strong debut on bourses, shares zoom over 29% on closing

New Delhi: Telecom infrastructure provider RailTel Corporation of India Ltd on Friday made a strong debut with its shares zooming over 29 per cent on closing when compared with the issue price.

On BSE, the scrip opened on a strong note of Rs 104.6 apiece, compared with the initial public offering price of Rs 94.

During the intra-day trade, the stock had touched a high of Rs 125.5 before settling at Rs 121.4, higher 29.15 per cent when compared with the issue price and a gain of 16.06 per cent, in comparison to the opening price.

At the NSE, the stock debuted at Rs 109, up 15.95 per cent over the issue price and closed the counter at Rs 120.6, rising 10.64 per cent over the opening price and 28.29 per cent over the issue price. Intra-day, it touched a high of Rs 127.85.

The initial public offer of RailTel Corporation of India Limited was subscribed 42.39 times on the final day of subscription in February last week.

The Rs 819.24-crore offer received bids for 2,59,42,43,370 shares against 6,11,95,923 shares on offer, as per data available with the NSE.

The qualified institutional buyers (QIBs) category was subscribed 65.14 times, non institutional investors 73.25 times and retail individual investors (RIIs) 16.78 times.

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The public issue was of 8,71,53,369 equity shares and had a price range of Rs 93-94 per share.

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