RailTel Corporation of India Ltd is set to launch its initial public offering (IPO) today. It will be the government's second public offering and the seventh overall of the year 2021. ICICI Securities, IDBI Capital Markets & Securities and SBI Capital Market are the lead managers of the IPO, which will close on February 18.
Earlier this year, Indian Railways Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT and Nureca registered on the stock market. Brookfield will debut on the market on February 17, while Nureca's IPO launched on February 15.
RailTel provides free, high-speed WiFi services across more than 5,670 railway stations across India. Here is all you need to know about the company's IPO:
- Opening Date: February 16
- Closing Date: February 18
- Number of equity shares: 871,53,369
- Face value: Rs 10 per share
- Offer price: Rs 93-94 per share
- Minimum application: 155 shares, following which investors can buy shares in multiples of 15
- Total fund raising: The government will raise a total of Rs 819.24 crore from the IPO
- About the company: RailTel Corporation is a Mini Ratna (Category-I) Central Public Sector Enterprise. It is wholly owned by the Government of India and is under the administrative control of the Ministry of Railways. It was incorporated in September, 2000 to modernise the telecom system for the railway network and it has since gone on to become one of the largest neutral telecom providers in the country. As of January 2021, its optical fibre network covered 59,098 kilometres. It operates data centres in Haryana's Gurugram and Telangana's Secunderabad.