Led by its Chairman and Managing Director Rajeev Mehrotra, public sector enterprise and state-owned railways consultancy firm Rail India Technical and Economic Services (RITES) recently proposed an initial public offering (IPO) of its equity shares, making it the first divestment exercise by the government this fiscal. The IPO was open for subscription from June 20 to June 22 with a price band of Rs 180-185 per equity share of face value of Rs 10 each of the company. With RITES' offer, the government reportedly intends to divest 12.6 per cent of the stake in the company, which is a leading player in the transport consultancy and engineering sector in India, under Mehrotra's leadership. The IPO of 25,200,000 equity shares, was an offer for sale by the President of India, acting through the Ministry of Railways, Government of India. In FY2017, RITES reported a 9.1 per cent CAGR increase in total operating revenue over FY2013-17 to Rs 13.53 billion.