Rail Vikas Nigam Ltd. (RVNL) has launched its initial public offering for subscription today at a price band of Rs 17-19 per share. The IPO comprises of up to 25,34,57,280 equity shares of the company through an offer for sale by the President of India, acting through the Ministry of Railways, Government of India.
- The IPO is expected to raise about Rs.481 crore at the upper end of the price band.
- The issue, which includes a reservation of 6,57,280 equity shares for eligible employees, will close on April 3, 2019.
- A discount equivalent to Rs. 0.50 per equity share on the offer price shall be offered to retail individual bidders and eligible employee bidders, respectively.
- Yes Securities (India) Ltd, Elara Capital (India) Private Ltd and IDBI Capital Markets & Securities Ltd are the book running lead managers to the offer, while Alankit Assignments Ltd is the registrar to the offer.
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.
It is a wholly-owned government company, a miniratna central public sector enterprise, incorporated by the Ministry of Railways.
Rail Analysis insights: The IPO comprises of up to 25,34,57,280 equity shares of the company through an offer for sale by the President of India, acting through the Ministry of Railways, Government of India.
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