State-owned RailTel IPO priced between Rs 93-94, offers 87 million shares

RailTel Corporation of India (RailTel), the state-owned telecom infrastructure provider, has priced its initial public offering (IPO) between Rs 93-94 per share. The IPO opens on February 16 and ends February 18. 

RailTel is information and communications technology (ICT) infrastructure, provider. As of January 31, 2021, its optical fibre network covers 59,098 route kilometres and 5,929 railway stations across India. In addition to strategic and critical network infrastructure services, RailTel also undertakes various ICT projects for the Indian Railways, central government and state governments, including various train control system projects for Indian Railways. 

The offer will comprise up to 87.2 million shares. At the upper end of the price band, the IPO size works out to Rs 819 crore. The IPO is an offer for sale by India's government, and the proceeds of the share sale will go towards the disinvestment kitty.

ICICI Securities, IDBI Capital Markets and SBI Capital Markets are the book running lead managers (BRLMs) to the offer.  

According to Prime database, four companies have raised Rs 7,368 crore through initial public offerings in 2021.