Rail Vikas Nigam IPO Opens On 29 March

Government-owned Rail Vikas Nigam Limited (RVNL) is looking to raise Rs 481 crore in its upcoming initial public offering (IPO) at a fixed price band of Rs 17-19 per share. The IPO is scheduled to run from 29 March to 3 April.

In a statement on Tuesday, the company said, 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.

The RVNL IPO is expected to fetch 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.

All the proceeds from the offer will go to the Central Government and not the company.

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

RVNL's equity shares are proposed to be listed on the BSE and the National Stock Exchange of India (NSE).

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