Rail Vikas Nigam IPO subscribed 18 pc
02/04/2019 12:00
The initial public offer (IPO) of state-owned Rail Vikas Nigam Ltd was subscribed 18 per cent on the second day of bidding on Monday.

The Rs 481-crore IPO received bids for 4,48,71,840 shares against the total issue size of 25,34,57,280 shares, according to the data available with the NSE.

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 about Rs 481 crore at the upper end of the price band.

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

YES Securities (India) Ltd, Elara Capital (India) Private Ltd, 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.