Rail vikas Nigam Limited shares make a tepid market debut, list at Rs 19

NEW DELHI: The state-owned Rail Vikas Nigam Limited (RVNL) made a flat market debut today i.e. April 11, 2019, listing at Rs 19 on Bombay Stock Exchange (BSE) which is same as the issue price.

This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on April 1. It is expected raise about Rs 450 to 480 by selling 12.12 per cent stake.

The total issue size of the initial public offer (IPO) was 25.34 crore shares in the price band of Rs 17-19 per share.

 The IPO was subscribed about 2.5 times the shares reserved for retail investors, while Qualified Institutional Buyers (QIBs) subscribed 1.36 times.

 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.