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Last Updated : Apr 02, 2019 07:18 PM IST | Source: PTI

Rail Vikas Nigam IPO subscribed 48%

The category reserved for qualified institutional buyers (QIBs) was subscribed 3 per cent, non institutional investors 15 per cent and retail individual investors 1.25 times, merchant banking sources said.

The initial public offer of state-owned Rail Vikas Nigam Ltd was subscribed 48 per cent on the third day of bidding Tuesday. The IPO to raise about Rs 481 crore received bids for 12,04,48,380 shares against the total issue size of 25,34,57,280 shares, as per NSE's data.

The category reserved for qualified institutional buyers (QIBs) was subscribed 3 per cent, non institutional investors 15 per cent and retail individual investors 1.25 times, merchant banking sources said.

Price range for the offer, which is scheduled to close Wednesday, has been fixed at Rs 17-19 per share.

YES Securities (India) Ltd, Elara Capital (India) Private Ltd, IDBI Capital Markets & Securities Ltd are managing the issue.

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

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.

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First Published on Apr 2, 2019 07:10 pm
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