The Initial Public Offer (IPO) of RailTel Corporation will open for subscription today. The IPO is available at a price band of Rs 93-94 per unit, with face value of Rs 10 apiece. The public offer of the Mini-Ratna company will close on February 18.

State-owned RailTel Corporation of India IPO is a complete offer for sale of 8,71,53,369 equity shares by the Government of India and is worth Rs 819.24-crore. The minimum market lot size for the IPO is 155 shares, where an individual investor can apply for up to 13 lots (2015 shares or Rs 189,410).

As per the company's Draft red herring prospectus (DRHP), the net proceeds from the IPO of the Mini-Ratna category company will be used for carrying out the disinvestment plan and to achieve the benefits of equity share listing. The company will not receive any proceeds from the offer.

Half of the issue is reserved for qualified institutional buyers, while 35 percent portion has been fixed for the retail investor's segment and the remaining 15 percent for non-institutional bidders.

About the company, RailTel Corporation a "Mini Ratna (Category-I)" PSU is one of the largest neutral telecom infrastructure providers in the country owning a Pan-India optic fiber network on exclusive Right of Way (ROW) along Railway track.

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