RITES Limited IPO

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Rites Limited IPO

(i) RITES Limited is a wholly owned Government Company, a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India and the only company having diversified services and geographical reach in this field under one roof (Source: IRR Report). Based on Public Enterprise Survey 2015-2016, the Company is ranked no. 1 based on net profit and dividend declared in Industrial Development and Technical Consultancy Services sector (Source: IRR Report). They have an experience spanning 43 years and have undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions. They are the only export arm of Indian Railways for providing rolling stock overseas (other than Thailand, Malaysia and Indonesia).

(ii) They are a multidisciplinary engineering and consultancy organization providing diversified and comprehensive array of services from concept to commissioning in all facets of transport infrastructure and related technologies. They have significant presence as a transport infrastructure consultancy organization in the railway sector. However, they also provide consultancy services across other infrastructure and energy market sectors including urban transport, roads and highways, ports, inland waterways, airports, institutional buildings, ropeways, power procurement and renewable energy. They have, over the years, served various public sector undertakings, government agencies and instrumentalities and large private sector corporations, both in India and abroad.

(iii) Since its inception in 1974, they have evolved from the origins of providing transport infrastructure consultancy and quality assurance services and have developed expertise in:
1. Design, engineering and consultancy services in transport infrastructure sector with a focus on railways, urban transport, roads and highways, ports, inland waterways, airports, and ropeways.
2. Leasing, export, maintenance, and rehabilitation of locomotives and rolling stock.
3. Undertaking turnkey projects on engineering, procurement and construction basis for the railway line, track doubling,3rd line, railway electrification, up gradation works for railway transport systems and workshops, railway stations, and construction of institutional/ residential/ commercial buildings, both with or without equity participation
4. Wagon manufacturing, renewable energy generation and power procurement for Indian Railways through our collaborations by way of joint venture arrangements, subsidiaries or consortium arrangements.

(iv) On the Financial front the Company has established a consistent track record of strong financial performance and growth. The revenue from operations on a consolidated basis for the FY15, FY16 and FY17 and the six months ended September 30, 2017, amounted to ₹10,12.688 million, ₹10,905.30 million, ₹13,538.04 million and ₹5,644.02 million, respectively. Our profit after tax was ₹3,122.88 million, ₹2,827.31 million, ₹3,624.16 million and ₹1,422.21 million, respectively, for the same periods.

(v) The revenue from operations has increased at a CAGR of 15.62% from ₹10,126.88 million in the Financial Year 2015 to ₹13,538.04 million in the Financial Year 2017, and the profit after tax 48 has increased at a CAGR of 7.73% from ₹3,122.88 million in Financial Year 2015 to ₹3,624.16 million in the Financial Year 2017.

(vi) On a standalone basis, the company has  an order book of ₹48,087.25 million as on November 30, 2017 which includes 337 ongoing projects of value over ₹10 million each.

RITES Limited IPO Stock Quote & Charts

194.15

-1.17%

  • Open: 196.00
  • High - Low: 196.80 - 193.00
  • Previous Close: 196.45
  • Total Traded Volume: 42649
  • Updated On: 20-Jul-2018

Objects of the RITES Limited IPO:

Objective of

Rites Limited IPO

are: The objects of the Offer are (i) To carry out the disinvestment of 24,000,000 Equity Shares held by the Selling Shareholder in the Company, equivalent to 12% of the issued, subscribed and paid up Equity Share capital of the Company as part of the Net Offer. (ii) To achieve the benefits of listing the Equity Shares on the Stock Exchanges.

RITES Limited IPO Details:

Current GMP: 33-35
Open Date: Jun 20 2018
Close Date: Jun 22 2018
Total Shares: 2,5200,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 466.2 Cr.
Lot Size: 80 Shares
Issue Price: ₹ 180-185 Per Equity Share
Retail Discount: Rs.6 Per Share
Listing At: NSE,BSE
Listing Date: Jul 02 2018

Promoters And Management:

Promoters of Rites Limited Company are: The Promoter of Rites Limited  is the President of India acting through the MoR. The Promoter currently holds, 100% of the pre-Offer paid-up Equity Share capital of the Company directly and indirectly (through his nominees).

Capital Structure:

(i) Authorized Share Capital 300,000,000 shares at FV@10) 300 Cr
(ii) Issued, Subscribed,& Paid-up Share Capital Before Issue (200,000,000 Shares at FV@10) 200 Cr
(iii) Present Issue OFS to public (  24,000,000 Shares at FV@10) 12% of Paid up capital
(iv) Present Issue OFS to Employees (  12,00,000 Shares at FV@10) .6% of Paid up capital
(v) Reservation for QIB  (12,000,000 Shares at FV@10) 50%
(vi) Reservation for HNI  (3,600,000 Shares at FV@10) 15%
(vii) Reservation for Retail  (8,400,000 Shares at FV@10) 35%
(viii) Paid Up Share Capital after the issue 200 Cr

Financials of RITES Limited IPO as per DRHP:

1. Assets and Liabilities Key Parameters
Year Asset(Cr) Liabilities(Cr) Net Worth(Cr) Book Value D/E [<1.5] RONW Receivable days
FY13 3,286.80 2,050.35 1,236.45 124 1.7 19% 99
FY14 3,636.38 2,206.04 1,430.35 143 1.5 18% 97
FY15 3,605.63 1,914.57 1,691.06 169 1.1 19% 120
FY16 4,409.21 2,519.23 1,889.98 189 1.3 15% 159
FY17 4,803.17 2,716.05 2,087.12 104 1.3 17% 109
6MFY18 4,760.25 2,631.28 2,128.97 106 1.2 12% 144
2. Profit n Loss Key Parameters
Year Revenue(Cr) PAT(Cr) EBITDA Margins Profit Margins
FY13 1,083.05 238.12 31% 22%
FY14 1,223.47 258.50 33% 21%
FY15 1,159.11 314.06 42% 27%
FY16 1,226.73 281.73 40% 23%
FY17 1,563.72 363.01 36% 23%
6MFY18 653.31 138.28 37% 21%
3. Cash Flow Statement(all figures in Cr)
Particulars FY17 FY16 FY15 FY14 FY13
(i) Net Cash Generated from Operation 386.79 63.935 109.68 71.108 242.44
(ii) Net Cash Generated from Investment -29.993 -125.91 169.44 -159.20 -77.386
(iii) Net Cash Generated from Financing Activity -214.56 34.033 -53.256 -65.297 -44.164
(iv) Total[ (i)+(ii)+(iii) ] 142.23 -27.94 225.86 -153.39 120.89
Key Notes: a) The Revenue is growing at CAGR of 9.63% from FY13 to FY17. b) The PAT is growing at CAGR of 11.13% from FY13 to FY17. c) The Annualized EPS for FY17-18 would be 13.82 d) P/E(post issue)= 13.38( reasonably priced) at Cutoff price of 185. e) P/B(post issue)= 1.74 at cutoff price of 185. f) The company is almost debt free g) Mcap/Sales(ideally <2)=  2.36 on FY17 sales( bit higher). h) The Company is consistently clocking EBITDA Margins above 30% in last 5 years. i) The Company is generating positive cash flows from operations in last 5 years- Big Positive.

Comparison With Peers:

There are no comparable listed companies in India engaged in the same line of business as the Company, hence comparison with industry peers are not applicable.

Recommendation on RITES Limited IPO:

Review and Recommendation of Rites Limited IPO from our side is: Rating: 6/10 1-5: Fair 5-7: Good 7-10: Excellent

Registrar of RITES Limited IPO:

  1. Link Intime India Private Limited

Company Address:

RITES Limited Scope Minar, Laxmi Nagar, Delhi - 110 092, India Phone No. +91 124 2571665 Fax No. +91 124 2571187 E-mail: cs@rites.com Website: www.ritesltd.com

Bid Details of RITES Limited IPO as on
22-Jun-2018 22:30:01 IST

No.of shares offered No. of shares bid No. of total times
12,000,000 860,586,560 71.72
3,600,000 700,422,960 194.56
8,400,000 132,215,760 15.74
1,200,000 1,152,480 0.96
25,200,000 1,694,377,760 67.24
No.of shares offered No. of shares bid No. of total times
12,000,000 269,551,440 22.46
3,600,000 499,073,040 138.63
8,400,000 97,082,800 11.56
1,200,000 267,600 0.22
25,200,000 865,974,880 34.36
No.of shares offered No. of shares bid No. of total times
12,000,000 591,035,120 49.25
3,600,000 201,349,920 55.93
8,400,000 35,132,960 4.18
1,200,000 884,880 0.74
25,200,000 828,402,880 32.87

Discussion on RITES Limited IPO:

    Though listing was timid at 190 but at the end of the day the stock closes at 214 which is 15% above from issue price of 185. So overall we can say it is very good listing. Those who are holding the shares , i advice keep on holding the share with stop loss at 200 .

    2,52,00,000 Total IPO Shares.
    1,20,00,000 Total Retail+HNI shares.
    1,34,41,510 Shares Got Delivered Today.

    i.e. 53.33% shares got new owners.

    If we assume all the (Retailers+HNI) sold their allotments then it means 100% Retailers+HNIs is out now.
    Tomorrow onwards, It’s now interesting to see its price movement!

    As per new SEBI guidelines, the company coming up with an IPO now have to show only 3 years Financial statements in the DRHP. This will lead more companies to raise funds via IPO. However, this will have negative from the perspective of the investor as less numbers means less interpretation about the company’s performance.

    SEBI has reduced the no. of days from 5 to 2 to announce the price band of IPO. Previously it was announced 5 days prior to opening of IPO for Public subscription which has now reduced it to 2. We will have to see how it will impact the grey market as now we have only 2 days to do all the grey business.

    Final Closing Figures (Around 11PM, 22nd June)
    QIBs: 71.72X
    RII: 15.74X
    NII: 194.56X
    Application wise: 13.11X
    Total: 67.24X

    Amazingly awesome Subscriptions!!! Minimum 40% types listing gains should be there…

    RITES – IPO Note – A Decent Play on Rail Infra

    RITES – established in 1974 – is a multidisciplinary engineering consultancy company having specialization in the field of transport infrastructure. Apart from its core objective of providing consultancy services in rail transport management to operators in India and abroad, RITES has diversified into planning and consulting services for other infrastructure, including airports, ports, and highways etc. It was conferred with MINIRATNA status in 2002. It is globally recognized consultant with operational experience of >55 countries.

    RITES is coming out with an Initial Public Offering (IPO) of 25.2mn equity shares, the Price Band of which has been fixed at Rs180-185/equity share. The IPO opens on Wednesday, June 20, 2018, and closes on Friday, June 22, 2018.

    Key Strengths

    The wide range of consultancy services and a diversified sector portfolio in transport infrastructure space.
    Strong order book of Rs48.2bn (3.6x FY17 revenue)
    Preferred consultancy organization of the Government of India including Indian Railways.
    Large order book with diversified clientele base across sectors.
    Consistent financial performance aided by robust internal control and risk management system.
    Strong investment in infrastructure and expanding international operations.

    Key Risks

    Overdependence on railway orders, any slowdown in railway capex may impact order inflow and revenue.
    Slowdown in capex in infrastructure and energy sector.
    Any change in government policies or funding agencies for lines of credit.
    Aggressive bidding by existing or new player.

    Outlook & Valuation

    RITES’ revenue and PAT clocked 7% and 9% CAGR, respectively over FY14-17, while margin expanded to 32.0% in FY17 from 22.7% in FY14. Notably, RITES paid an average dividend of 27% during the same period. Further, with total cash of Rs25bn, RITES enjoys a robust liquidity. Assuming moderate revenue growth of 10% CAGR through FY17-20E, the Company is valued at 8.6x FY20E earnings, which appears to be justified considering its unique business model, steady growth, and healthy return ratios.

    *IPO Analysis: RITES Limited*

    *Company Background:*

    RITES Ltd. is a wholly owned Government company, a Miniratna (Category I) Schedule A public sector enterprise engaged in transport consultancy and engineering sector in India. It is the only company having diversified services and extensive geographical reach all under one roof. The company has an experience spanning 44 years and has undertaken projects in over 55 countries including Asia, Africa, Latin America, South America and Middle East regions.

    Apart from having presence as a transport infrastructure consultancy organisation in the railway sector, it also provides consultancy services across other infrastructure and energy market sectors including urban transport, roads and highways, ports, inland waterways, airports, institutional buildings, ropeways, power procurement and renewable energy.

    In India, company’s clients include various central and state government ministries, departments, instrumentalities as well as local government bodies and public-sector undertakings. Of the total current order book, 77% orders are from Central & State Governments.

    *Financial Performance:*

    Company’s revenue has grown at a CAGR of 15.6% over FY15-17. The PAT has grown at a CAGR of 7.6% over FY15-17. As of March 2018, company’s order book stood at Rs 4818.67 crores (3.5X of FY17 top-line), which includes 353 ongoing projects. Such strong order book has given revenue visibility for next 2-3 years. Over the last 5 years, company has maintained dividend pay-out of Rs 374 crores. For FY17, it paid final dividend of Rs 78 crores and for FY18, an interim dividend of Rs 70 crores.

    *Valuation:*

    For FY17, company delivered RoNW of 17.4%. By taking the upper price band of Rs 185 with EPS of Rs 17.6 as of FY17, the P/E works out at 10.51x. No listed companies are engaged in the same business line hence the company cannot be compared with peers.

    RITES Ltd. is a debt free and asset light company. Its growth in revenue and profitability has been consistent over the last few years. The company’s order book is strong giving decent revenue visibility.

    *Key Risk:*

    High Dependence on Railway orders and any changes in the government policies or decisions by the MoR

    Rites Ltd
    Co. Formed in 1974. Per share ₹10/-.
    Bonus declaration during
    1984- 1:4
    1987- 1:1
    1997- 1:1
    2003- 1:1
    2008- 1:8
    2012- 4:6
    2016- 2:1
    2017- 3:1
    So after all above bonus 1 share becomes 1080 shares.

    Issue price after retail discount ₹ 179/-.

    1080*179 comes to ₹ 1,93,320/-.

    So investment in 1974 of ₹ 10 becomes in 2018 ₹ 1,93,320/-.

    It is debt free company. Market always gives thumps up for debt free company. Its pe is 13 and 1.7 times of book value. Attractively priced. Now HNI and QIB how respond this company. If QIB is more than 15 times then we will jump into this stock. So we will wait till last day.

    Apply in this IPO with full force. Price band of 180 to 185 with retail discount of Rs.6. It can give 30-40% listing gain.

    The ambitious Rs 1-trillion railway station redevelopment plan is set to take a fresh turn. RITES, the public sector undertaking (PSU) of Indian Railways, is likely to acquire around 25 per cent stake in Indian Railway Stations Development Corporation (IRSDC), the nodal agency for the redevelopment projects.
    The company is generating positive cash flows from operations in last 5 years which augur well for sustained growth in future.

    In order to assist the Indian Railways meet its stipulated target for procurement of renewable energy, the Indian Railways and RITES Limited has set up a company, namely Railway Energy Management Company Limited (“REMCL”), with the objective of synergizing the technical resource base of RITES limited and for reducing the carbon footprint of the Indian Railways through utilization of green energy. RITES holds 51% of issued and paid – up equity share capital of REMCL.

    Very good IPO after a long time which has diversified business not only in India but also in other countries. I hope govt. will do justice with the pricing of this IPO and make investor happy. Govt may give discount like they give in Mishra Dhatu for retail investors which will have added advantage in terms of listing gains.

    Key observation in RITES Limited
    • They are mainly depend upon Ministry of Railways, GoI (“MoR”), central/state governments and central/state PSUs for a significant portion of contracts on our order book and as of Nov 2017, 76% of the order book pertains to Govt.
    • Majority of their projects are executed over a period of up to three years, at any given time.
    • They are dependent on Indian Railways for their business of locomotives and other rolling stock . As this business is highly competitive RITES limited is totally dependent upon Indian railways to provide locomotive and customized rolling stocks as per the requirements of the clients in future.
    • The growth of RITES Limited is highly dependent on infrastructure and Energy Sector. Their revenue is primarily derived from railway sector in India and abroad and plus they depend upon Indian Railways for procurement of locomotives and rolling stock for exports and leasing within the domestic and international markets. Recently they have ventured into power procurement and renewable energy business through our subsidiary, REMCL, in order to assist the Indian Railways to meet its stipulated target for procurement of renewable energy.
    • Companies wholly owned subsidiary, RITES (AFRIKA), registered in the Republic of Botswana, is currently executing a highway project. The Board has decided to wind up RITES (AFRIKA), vide their meeting dated July 04, 2017, as railway development works or any other transport infrastructure projects are not significant in the region and the objective of establishing RITES (AFRIKA) was not being met.
    • Another wholly owned subsidiary, RISL is currently under voluntary winding up due to change in the business strategy of the Company. The assets, liabilities and the net worth of RISL have been transferred to the Company and liquidator has been appointed.
    • They have also decided to wind up RMAC (Saudi Arabia) as it was formed for execution of a project which has been foreclosed mutually by Company and the relevant client. already been received by us. However, the clearance certificate in respect of the same is awaited from the government authorities in Saudi Arabia.

    International Exposure of the RITES Limited
    1. The company has been appointed by the Government of Mauritius as a consultant for implementing light rail project in Mauritius and also to prepare a detailed project report on Trident port project.
    2. The Company is working in Nepal on two integrated check-posts at Birgunj and Biratnaga.
    3. The Company is conducting construction supervision services of a road project in Botswana
    through their Subsidiary, RITES (AFRIKA).
    4. They are in the process of executing a major export order for Sri Lanka comprising of 10 diesel locomotives and 6 DMU train sets.
    5. They are currently executing an export contract of 18 meter gauge locomotives in Myanmar.
    6.They have recently successfully exported 120 broad gauge passenger services coaches to
    Bangladesh and have also recently completed detailed project report for airport at Rwanda and ports project in Sri Lanka.

      7. They had leased out 16 cape gauge locomotives to Mozambique for use by CFM, Mozambique in 2007, which has recently been sold to them along with our obligation to maintain the same initially for a period of 6 months.
      8. They have completed three maintenance workshops for Sri Lankan railways. In the past, they have exported rolling stock to Benin, Senegal, Mali, Myanmar, Sudan and Vietnam and also operated railway systems in Tanzania, Iraq, Ghana, Mozambique, Zambia and various other countries.
      9. They have in the past carried out feasibility studies for rail transport infrastructure in countries such as Ethiopia and U.A.E and road infrastructure in countries such as Afghanistan, Bangladesh, Ethiopia, Ghana, Malaysia, Mozambique, Myanmar, Nepal, Tanzania, Uganda, U.A.E. and Zambia.

    As of November 30, 2017, the company has a total of 3,401 employees as follows:
    Status No. of employees
    Regular 2,105
    Deputation 161
    Contract 841
    Experts/ Consultants 294

    The company has a strong order book of ₹4808.725 Cr as on November 30, 2017 which includes 337 ongoing projects of value over ₹1Cr each.

    It is a pure OFS where company will not get anything. The money raised from the IPO will go in Govt pocket.

    The company is paying regular dividends to the Shareholders of the Company with a dividend pay – out of ₹374 Cr during the last five financial years ending on March 31, 2017. The Company has paid
    final dividend of ₹78 Cr for the financial year 2016-2017 and interim dividend of ₹70 Cr during the current financial year 2017-2018.

    RITES Limited IPO seems to be attractively priced.
    The company is making consistent profits.
    The sector is fancied and the company operates in a niche segment.
    Don’t rush to sell applications – Wait for expert opinions.

    RITES IPO – Financial Information (Basis of Valuation)

    EPS for FY14-15 >>> Rs.15.61 (Page #93 of RHP)
    EPS for FY15-16 >>> Rs.14.07 (Page #93 of RHP)
    EPS for FY16-17 >>> Rs.17.64 (Page #93 of RHP)
    EPS for 9M17-18 >>> Rs.12.15 (Page #93 of RHP)

    RoNW for FY14-15 >>> 18.62% (Page #94 of RHP)
    RoNW for FY15-16 >>> 15.08% (Page #94 of RHP)
    RoNW for FY16-17 >>> 17.28% (Page #94 of RHP)
    RoNW for 9M17-18 >>> 11.19% (Page #94 of RHP)

    NAV as on December 31, 2017 was Rs.108.60 (Page #95 of RHP)

    Listed Industry Peer Group (Page #95 of DRHP): NONE
    [11/06, 18:16] ‪+65 8193 6261‬: RITES IPO – Issue Information *(TENTATIVE)*

    Issue Opens on: 20 June 2018
    Issue Closes on: 22 june 2018
    Issue Type: Book Built Issue IPO
    Issue Size: 2,52,00,000 Equity Shares
    Face Value: Rs 10 per Equity Share
    Issue Price: Rs.245 – Rs.250 per Equity Share
    Market Lot: 60 shares
    Listing At: NSE, BSE

    Equity Shares outstanding prior to the Issue = 20,00,00,000 Equity Shares
    Offer for Sale of 2,52,00,000 Equity Shares @250 = Rs.630 Crores
    Equity Shares outstanding after the Issue = 20,00,00,000 Equity Shares

    Category-wise Break up:.
    Anchor – 72,00,000 Shares = 180.00Crs
    QIB – 48,00,000 Shares = 120.00Crs
    NII – 36,00,000 Shares = 90.00Crs
    RII – 84,00,000 Shares = 210.00Crs (Lot size: 60 = 1,40,000 Forms)
    Emp – 12,00,000 Shares = 30.00Crs
    Total Issue – 2,52,00,000 Equity Shares = 630Crs.

    Subscription required for 1X
    RII = 1,40,000 Forms
    NII = 90.00 Crs

    Interest cost @5%p.a. for 7days = 23.973paise for 1X
    RITES IPO – Schedule (Pg #602 of RHP)

    13th June – Price Band to be Announced
    19th June – Anchor List
    20th June – Offer Opens
    22th June – Offer Closes
    27th June – Finalisation of Basis of Allotment
    28th June – Unblocking of ASBA
    29th June – Credit to Demat Accounts
    02nd July – Listing on NSE & BSE

    RITES Ltd., ( PSU ) :
    Offer Opens On: Wed, June 20, 2018
    Offer Closes On: Fri, June 22, 2018
    Price Band & Bid Size: Will be declared at leat five working days prior to Offer Opening Date.
    F.V.: Rs.10
    Offer Size: OFS up to 2,52,00,000 Eq Shs.
    Emp Reservation : 12,00,000 Eq Shs.
    Net Offer Size : 2,40,00,000 Eq Shs.
    Issue Split : 50% QIB, 15% NII & 35% Retail.
    Listing: BSE & NSE

    The government of India plans to sell 12% stake in RITES through an IPO, which is planned between June 20-22.
    👉IPO UPDATE-
    RITES LTD (A miniratna PSU)
    opens-20/6/2018
    Closes-22/6/2018
    Listing-2/7/2018
    Total shares-2,52,00,000
    Face value-10/-

    👉RITES Ltd is a wholly owned Government Company, a Miniratna (Category – I) Schedule ‘A’ Public Sector Enterprise and a leading player in the transport consultancy and engineering sector in India.

    👉Company is ranked no.1 based on net profit and dividend declared in Industrial Development and Technical Consultancy Services sector.

    👉DETAILED REVIEW WILL BE SHARED BEFORE 2-3 DAYS OF IPO OPEN…

    As per financials of 6MFY18, the company has a PAT of around 142 Cr and EPS of 6.7. However, if we annualized the first six month earning the EPS comes out to be 13.4. So if we give P/E between of 15-20 to the business of RITES LIMITED IPO then , price should be in the 201 to 268.

      Hi Anita,
      price band is around 175/- then what You think of listing price one more thing last two quarters are better then previous in all govt psu’s.
      Thanks
      Rajesh

        See if price is P=175, then i said in my earlier comment that annualized EPS =13.4 for FY17-18. Hence the P/E would be around 13 which i dont think govt will price as it is a pure ofs. Let see once the pricing will be done. Please stay tuned here for more updates once price is discovered.

    The company is a debt free for more than a decade .However, one of their subsidiaries, REMCL has borrowings of an amount of ₹795.97 million as on 30th Sept 2017.

    The company is also engaged with various large private sector corporations including L&T Metro Rail (Hyderabad) Limited, Kanti Bijlee Utpadan Nigam Limited (KBUNL), Cimmco Limited, Titagrah Wagons Limited, Snowmex Engineers Limited, Unity Infraprojects Limited, Rajdeep Buildcon Private Limited, Mahalsa Constructions Private Limited, Marymatha Constructions Limited, AFCON Infrastructure Limited,INCAP, ARK Services, MNEC Consultants Private Limited, Indian Geotechnical Services Limited, Geokno India Private Limited and NATRIP Implementation Society among others.

    The Company has impressive list of clients which includes Indian Railways, NTPC, Dedicated Freight Corridor Corporation of India Limited, High Speed Rail Corporation of India Limited, Public Works Department, DMRC, Steel Authority of India Limited, Rashtriya Ispat Nigam Limited, Hindustan Petroleum Corporation Limited, Bharat Coking Coal Limited, Metro Link Express for Gandhinagar and Ahmedabad (MEGA) Company Limited, Indian Port Rail Corporation Limited, Airports Authority of India, among others.

    RITES LIMITED IPO seems good after bumper listing gains by Mishra Dhatu Nigam IPO.. Lets hope IPO price band is investor family…

    RITES Limited (earlier known as Rail India Technical and Economic Service) is an engineering consultancy company, specializing in the field of transport infrastructure. Established in 1974 by the Government of India, the company’s initial charter was to provide consultancy services in rail transport management to operators in India and abroad. RITES has since diversified into planning and consulting services for other infrastructure, including airports, ports, highways and urban planning. On-shore WDS6 Diesel Loco Leasing service has been introduced. It was awarded the status of MINIRATNA in 2002.