A Follow-on Public Offer is launched by an already listed company to issue shares to the public. Like an IPO, this issue can be in the form of new shares or an offer for sale from the promoter or major investor group. ITI Limited is engaged in the business of manufacturing, trading, and servicing of telecommunication equipment. The Government of India holds about 90% of the equity shares in the company and is required to reduce its shareholding to conform with the minimum public shareholding norms.
ITI Limited is currently trading around Rs. 100 on the secondary markets. The issue price of the FPO should be at a discount to the secondary market price. The price band will be announced once the RHP is filed along with the other details of the issue.
The tentative dates for the FPO are from Jan 24th to 28th. Check this page for updates.
How to apply?
You can easily apply for this IPO using UPI. We’ve explained the process in this article: