NEW DELHI: The initial public offer (IPO) by Rail Vikas Nigam (RVNL) was subscribed 69 per cent on Wednesday till 12:45 pm.

Today is the final day of the bidding process.

According to data on NSE, the IPO received bids for 17,55,75,660 shares against the total issue size of 25,34,57,280 units.

The IPO was subscribed 9 per cent by end of Day 1, 18 times by Day 2 and 48 per cent by Day 3 of the bidding process.

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.