RailTel Corporation of India made its market debut where bears were roaring wildly on benchmarks Sensex and Nifty 50 on Friday. However, RailTel has defied the markets downfall and listed at a premium. Not only that, RailTel trades at its near highest level.
At around 10.34 am, RailTel trades at Rs120.40 per piece up by Rs26.40 or 28.09% from the IPO upper price band of Rs94 per equity share.
The stock is also near the 52-week high of Rs121.30 per piece which it clocked in early deals. So far, RailTel has skyrocketed by a whopping 29% from the IPO upper band.
Notably, RailTel listed at a premium of 11.27% on exchanges. The listing price stood at Rs104.60 per piece on Sensex.
RailTel is admitted to dealings on the Sensex in the list of 'B' Group Securities.
RailTel had launched its initial public offering (IPO) between February 16 - February 18, 2021, at a price band between Rs93-Rs94 per equity share.
The maiden got 42.42 times subscribed on the last day of the issue. The total size of the IPO was Rs819.24cr.
RailTel is one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fibre network on exclusive Right of Way (ROW) along Railway track. The OFC network covers all important towns & cities of the country and several rural areas.