State-owned corporation Railtel will launch its initial public offering (IPO) on February 16. The IPO will close on February 18. RailTel Corporation of India Ltd provides high-speed and free WiFi services at over 5,670 stations across the Indian Railway network.
The face value of the 871.53 lakh shares on offer is Rs 10. The price band for the public issue has been set at Rs 93-94 per share. The company has reserved 5 lakh equity shares for the employees of Railtel.
Here are the details about the IPO listing:
Open date: February 16, 2021
Close date: February 18, 2021
Offer price: Rs 93-94 per share
Minimum application: 155 shares
Maximum retail subscription: Rs 2,00,000
Face value: Rs 10
Number of shares offered: 871.53 lakh
Days ahead of the IPO opening, Railtel shares were trading on the grey market at a premium of 34% over the IPO price, reported the Financial Express.
After COVID-19 derailed most businesses in 2020, Railtel will be the seventh public issue of the year. The six IPOs that have already hit Indian markets in 2021 are – Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India Real Estate Trust and Nureca Ltd.
RailTel, a ‘Mini Ratna (Category-I)’ Central Public Sector Enterprise is an information and communications technology provider and one of the largest neutral telecom infrastructure providers in the country. RailTel Corporation of India Ltd provides high-speed and free WiFi services at over 5,670 stations across the Indian Railway network.
The company was incorporated on September 26, 2000 with the aim of modernizing the existing telecom system for train control, operation and safety and to generate additional revenues by creating nationwide broadband and multimedia network, laying optical fiber cable using the right of way along railway tracks.