State-run RVNL‘s IPO subscribed 1.83 times on final day

The initial public offering (IPO) by Rail Vikas Nigam Limited (RVNL) was oversubscribed by 1.83 times on the fourth and final day of the bidding process. According to data available with the National Stock Exchange, the IPO received bids for 463.32 million shares against the total issue size of 253.46 million. The IPO was covered 9 per cent on the first day, 18 per cent on the second day and inched closer to the halfway mark on the third day. The IPO is part of the government’s disinvestment programme. It comprises only a share sale by the government and the company is not raising any fresh capital. The government had set a price band of Rs 17-Rs 19 per share. At the upper end of the price band, the issue comes at Rs 4.81 billion ($70 million). The government offloaded a 12.12 per cent stake. Yes Securities (India), Elara Capital (India) and IDBI Capital Markets & Securities were merchant bankers for the IPO.