Rail Vikas Nigam 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 and institution buildings, among others.
Rail Vikas Nigam Ltd. started trading at Rs 18.65 per share, a 1.8 percent discount to its issue price on the Bombay Stock Exchange. The stock is poised to recover its opening losses as it moves higher to trade at Rs 19.35 apiece.
RVNL IPO was a four day maiden offer opened on March 29. It received the bids from retail and institutional investors. The IPO fetched about 480 crore from the sale of 12.12 percent of its stake for the government.
Investors subscribed about 2.5 times the shares reserved for them, while qualified institutional buyers portion subscribed 1.36 times. The total issued size was of 25,34,57,280 shares and the price for the IPO was Rs 17-19 apiece.
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