Shares of state-owned Rail Vikas Nigam Limited (RVNL) made a tepid start on stock exchanges by listing at Rs 19, the same price at which they were issued.

The stock opened flat on the Bombay Stock Exchange and gained as much as 3.94 per cent in intra-day trade to Rs 19.75 against its issue price of Rs 19. The scrip was currently trading at Rs 19.15, up 0.79 per cent, rebounding from day's low of Rs 18.60. According to data available with exchange, as much as 99.10 lakh shares have changed hand on the BSE.

On the National Stock Exchange, Rail Vikas Nigam shares touched an intraday high of Rs 19.80, up 4.21 per cent from issue price of Rs 19. The scrip hit a low of Rs 18.60, 1.84 per cent lower during the early deals.

RVNL, a government of India enterprise under the Ministry of Railways, witnessed overwhelming response from investor for its shares in the Initial Public Offering (IPO) as            the issue was subscribed 1.83 times.

Category wise, the qualified institutional buyers (QIBs) was subscribed 1.36 times, the retail individual investors (RIIs) was subscribed 2.93 times and the non-institutional investor's segment was subscribed 0.80 times.

The IPO of the Miniratna central public sector enterprise, which opened for subscription during March 29 and April 3, raised nearly Rs 480 crore by selling 25.34 crore share, or 12.12 percent stake. The price band was fixed at Rs 17- Rs 19 per share.

This is the first Central Public Sector Enterprise (CPSE) disinvestment in the in the financial year 2019-20.

In April 2017, the Cabinet Committee on Economic Affairs (CCEA) had given nod for the listing of five railway companies -- IRCON international, Rail Vikas Nigam, Indian Railway Finance Corp Ltd, RITES Ltd and Indian Railway Catering and Tourism Corp. Out of these, IRCON international and RITES was listed in last fiscal 2018-19.

Edited by Chitranjan Kumar