Shares of Rites Limited had a dream run on Monday the 2nd of July when they listed on the bourses. The government of India had through an offer for sale sold 2.52 cr shares in a price band of Rs 180-185. There was a discount of Rs 6 for retail investors and eligible employees. The issue was very well received by all sections and was subscribed 67.24 times. QIB portion was subscribed 71.72 times, HNI portion 194.56 times and Retail portion subscribed 15.74 times. The Employee portion was marginally undersubscribed at 0.96 times. There were 13.76 lakh applications which implies based on forms the retail portion was subscribed 13.11 times.
The share price opened at Rs 190 on both the exchanges and this was also the low of the day. The high was Rs 224.40 on the BSE and Rs 224.50 on NSE. The close was 212.70 on the BSE and Rs 213.30 on e NSE. The gains on BSE were Rs 27.70 or 14.97% while it was Rs 28.30 or 15.30% on the NSE.
The traded volume on the two exchanges combined was 552.29 lakh shares which was 2.19 times the IPO size of 252 lakh shares. Delivery volume was 144.17 lakh shares which was 26.10% of the traded volume and 57.21% of the IPO size. The weighted average of the days trade was Rs 208.12 on the BSE and Rs 207.08 on NSE.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 190.00 | 224.40 | 190.00 | 212.70 | 27.70 | 14.97 | 208.12 | 5566077 | 975713 | 17.53 |
| NSE | 190.00 | 224.50 | 190.00 | 213.30 | 28.30 | 15.30 | 207.08 | 49663840 | 13441510 | 27.06 |
| Total | 55229917 | 14417223 | 26.10 |
In recent times almost, all issues from the PSU stable barring Mishra Dhatu Nigam have not fared well. This issue from RITES has done exceedingly well and considering the high delivery volume without institutional trade being reported makes the counter interesting. One should not get surprised if this counter becomes another block buster in the immediate medium term.
