Rail Vikas Nigam to launch IPO, price band fixed at Rs 17-19/share

Rail Vikas Nigam Limited, a Miniratna company incorporated by the Ministry of Railways, will open its initial public offering for subscription on March 29.

The price band for public issue, which will close on April 3, is fixed at Rs 17-19 per share.

A discount equivalent to 50 paise per share on the final offer price will be offered to retail investors and employees, respectively.

The IPO comprises up to 25,34,57,280 equity shares of the company through an offer for sale by the President of India, the release said, adding the offer includes a reservation of 6,57,280 equity shares for eligible employees.

The company will not receive any proceeds from the offer and all proceeds will go to the Central Government.

The offer and the net offer will constitute 12.16 percent and 12.12 percent respectively, of the post offer paid-up equity share capital of the company, the release said.

Yes Securities (India), Elara Capital (India) and IDBI Capital Markets & Securities are the book running lead managers to the offer, while Alankit Assignments Limited is the registrar to the offer.

The equity shares are proposed to be listed on BSE Limited and National Stock Exchange of India Limited.

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