RailTel Corporation of India on Friday got listed on NSE with a premium of 16 per cent against its issue price of Rs 94 apiece.
Notwithstanding the sell-off in the broader market, the stock made a debut at Rs 109, reflecting a gain of 15.95 per cent as compared to the issue price on NSE.
At BSE, shares of the company got listed at Rs 104.60, reflecting a gain of 11.27 per cent.
The company's market valuation stood at Rs 3,846.45 crore.
The initial public offer of the telecom infrastructure provider was subscribed over 42 times.
The qualified institutional buyers (QIBs) category was subscribed 65.14 times, non-institutional investors 73.25 times and retail individual investors (RIIs) 16.78 times.
The mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway track.
The company provides broadband telecom and multimedia networks across the country.
ICICI Securities, IDBI Capital, SBI Capital Markets are merchant bankers to the issue.