RITES' has filed Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for its proposed Initial Public Offer (IPO) to raise an estimated Rs 600 crore through an initial share sale.
The IPO will see sale of 2.4 crore equity shares, amounting to 12% by the promoter. The company is aiming to achieve the benefits of listing the equity shares on the stock exchanges.
Elara Capital (India), IDBI Capital Markets & Securities, IDFC Bank and SBI Capital Markets will manage the issue.
Incorporated by the railways ministry, RITES provides transport consultancy and engineering services. The company had a post-tax-profit of Rs 362 crore in 2016-17 and revenues from operations stood at Rs 1,354 crore.