RailTel Corp of India jumps 16% above IPO price in market debut

RailTel, the telecom arm provides free wifi service at suburban local train platforms. File photo from Mumbai Central station for representation.

Shares of state-owned RailTel Corporation of India Ltd opened nearly 16% higher than the issue price in their market debut on Friday.

Shares of the company, which provides telecom infrastructure and Internet services along India's railway tracks and at railway stations, opened at 109 rupees in pre-open trade, after raising 8.19 billion rupees ($112.01 million) in an initial public offering. ($1 = 73.1210 Indian rupees)