The initial public offer (IPO) of Rail Vikas Nigam was subscribed merely 0.08 times on Friday, the first day of the offer, with investors bidding for 2.19 crore shares of the 25.34 crore shares offered to them. High net-worth individuals (HNI) bid for 0.01 times their allocation, retail investors 0.23 times, and employees bid for only 0.15 times of their allocation.
Rail Vikas Nigam has set a price band of Rs 17 to Rs 19 for its initial public offer (IPO). The IPO is an offer for sale of 25.34 crore shares by the government of India, which is expected to get Rs 481 crore, at upper end of price band, through this public issue. The issue will close on April 3, 2019. Retail investors as well as eligible employee bidders will get shares at a discount of 50 paise per share on final issue price.
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.