Rail Vikas Nigam IPO subscribed 9% on first day of bidding

The initial public offer (IPO) of state-owned Rail Vikas Nigam Limited was subscribed 9 per cent on the first day of bidding on Friday.

The Rs 481-crore IPO received bids for 2,19,01,620 shares against the total issue size of 25,34,57,280 shares, as per the latest data on the NSE.

The category reserved for non-institutional investors was subscribed 2 per cent, while that for retail individual investors was subscribed 24 per cent.

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 RVNL are proposed to be listed on the BSE and the National Stock Exchange of India.

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