Rail Vikas Nigam IPO subscribed 48% on third day

The initial public offering of Rail Vikas Nigam (RVNL) has been subscribed 48 percent, so far, on April 2, the third day of subscription.

The offer has received bids for 12.04 crore equity shares against offer size of 25.34 crore shares (excluding anchor investors’ portion), as per data available on the exchanges.

The subscription for issue opened on March 29 and will close on April 3, 2019. The price band is Rs 17-19 per share.

The qualified institutional buyers portion has subscribed 3 percent till now while non-institutional investors witnessed a subscription of 15 percent and retail investors 1.24 times.

The issue, which includes a reservation of 6,57,280 equity shares for eligible employees. 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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