Rail Vikas Nigam IPO to open on March 29; price band at Rs 17-19 per share

State-owned Rail Vikas Nigam Ltd (RVNL) has fixed a price band of Rs 17-19 per equity share for its upcoming initial public offering, which would run from March 29-April 3, to raise about Rs 481 crore. The IPO comprises of up to 25,34,57,280 equity shares of the company through an offer for sale by the President of India, acting through the Ministry of Railways, Government of India, a company statement said Tuesday.

The IPO is expected to raise about Rs 481 crore at the upper end of the price band.

The offer includes a reservation of 6,57,280 equity shares for eligible employees for allocation and allotment on a proportionate basis.

A discount equivalent to Rs 0.50 per equity share on the offer price shall be offered to retail individual bidders and eligible employee bidders, respectively.

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

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

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.

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