Stocks

Rail Vikas Nigam IPO subscribed 48 per cent

PTI New Delhi | Updated on April 02, 2019 Published on April 02, 2019

RVNL is in the business of executing all types of railway projects, including new lines, doubling, gauge conversion, railway electrification and many more. File photo   -  The Hindu

The equity shares of RVNL are proposed to be listed on the BSE and the NSE

The initial public offer (IPO) of state-owned Rail Vikas Nigam Ltd (RVNL) was subscribed 48 per cent on the third day of bidding Tuesday.

The IPO to raise about Rs 481 crore received bids for 12,04,48,380 shares against the total issue size of 25,34,57,280 shares, as per the date published by the National Stock Exchange (NSE).

The category reserved for qualified institutional buyers (QIBs) was subscribed three per cent, non institutional investors 15 per cent and retail individual investors 1.25 times, merchant banking sources said.

Price range for the offer, which is scheduled to close Wednesday, has been fixed at Rs 17-19 per share.

YES Securities (India) Ltd, Elara Capital (India) Private Ltd, IDBI Capital Markets & Securities Ltd are managing the issue.

The equity shares of Rail Vikas Nigam Ltd (RVNL) are proposed to be listed on the Bombay Stock Exhcnage (BSE) and the NSE.

RVNL is in the business of executing all types of railway projects, including new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable stayed bridges, institution buildings.

Published on April 02, 2019

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