Rail Vikas Nigam IPO subscribed 46% on Day 3 so far

NEW DELHI: NEW DELHI: The initial public offer (IPO) by Rail Vikas Nigam (RVNL) was subscribed 46 per cent on the third day of the bidding process on Tuesday.

According to NSE data, the IPO received bids for 11,66,03,760 shares till 4:45 pm against the total issue size of 25,34,57,280 units.

The IPO was subscribed 9 per cent on Day 1 and 18 times on Day 2 of the bidding process on Friday and Monday, respectively.

The company has IRCON International as its listed peer, which debuted in September last year and is quoting at a 15 per cent discount to the issue price.

On the block are up to 2,53,457,280 RVNL shares in the price band of Rs 17-19 a share. At the upper end of the price band, the issue size comes at Rs 482 crore.

The RVNL offer comprises of 12.12 per cent of paid-up equity share capital of the company.

There will be a Rs 0.50 per share discount on the offer price for retail investors and employees.

RVNL is engaged in railway projects including setting up of new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable-stayed bridges and institution buildings.

It had reported 33.7 per cent annual growth in revenues during FY15-18.