The Initial Public Offer (IPO) of state-owned Rail Vikas Nigam Limited (RVNL) was subscribed 9% on the first day of bidding on Friday. The Rs 481-crore IPO received bids for 2,19,01,620 shares against the total issue size of 25,34,57,280 shares, according to the latest data on the NSE.
- The category reserved for non-institutional investors was subscribed 2%, while that for retail individual investors was subscribed 24%.
- The price range for the offer, which would close on April 3, has been fixed at Rs 17-19 per share.
- The IPO is expected to raise around Rs 481 crore at the upper end of the price band.
- The equity shares of RVNL are proposed to be listed on the BSE and the National Stock Exchange (NSE) of India.
- YES Securities (India) Ltd, Elara Capital (India) Private Ltd and IDBI Capital Markets & Securities Ltd are managing the issue.
- 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.
Rail Analysis insights: The Rs 481-crore IPO received bids for 2,19,01,620 shares against the total issue size of 25,34,57,280 shares, according to the latest data on the NSE.
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