Rail Vikas Nigam IPO subscribed 18% on second day

The initial public offering of Rail Vikas Nigam (RVNL), which operates under the Ministry of Railways, has been subscribed 18 percent on April 1.

The public issue has received bids for 4.48 crore equity shares against offer size of 25.34 crore shares (excluding anchor investors’ portion), as per data available on the exchanges.

The qualified institutional buyers portion has not been subscribed till now while non-institutional investors witnessed a subscription of 3 percent and retail investors 49 percent.

RVNL has launched its initial public offering for subscription on March 29 at a price band of Rs 17-19 per share.

It is an offer for sale of 25,34,57,280 equity shares by the Government of India which is expected to Rs 481 crore, at upper end of price band, through this public issue.

The issue, which includes a reservation of 6,57,280 equity shares for eligible employees, will close on April 3, 2019. Retail investors as well as eligible employee bidders will get shares at a discount of 50 paise per share on final issue price.

It is a wholly-owned government company, a miniratna central public sector enterprise, incorporated by the Ministry of Railways.

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