Rail Vikas Nigam’s IPO to start today, price band set at Rs 17-19 per equity sharehttps://indianexpress.com/article/business/business-others/rail-vikas-nigams-ipo-price-band-set-at-rs-17-19-per-equity-share-5648420/

Rail Vikas Nigam’s IPO to start today, price band set at Rs 17-19 per equity share

The IPO is an offer for sale by the President of India, under the guidance of the Ministry of Railways and the Government of India, the statement added.

Rail Vikas Nigam's IPO to start today, price band set at Rs 17-19 per equity share
The company’s statement, released on Tuesday, said that the IPO incorporates up to 25,34,57,280 equity shares. (File)

State-owned Rail Vikas Nigam Ltd’s (RVNL) initial public offering (IPO) is set to start from March 29, and the organisation has set a price band of Rs 17-19 per equity share. The IPO is set to raise about Rs 481 crore at the upper end of the price band. The IPO will end on April 3.

The company’s statement, released on Tuesday, said that the IPO incorporates up to 25,34,57,280 equity shares of the company.

The IPO is an offer for sale by the President of India, under the guidance of the Ministry of Railways and the Government of India, the statement added.

The offer includes a reservation of 6,57,280 equity shares for eligible employees, for allocation and allotment on a proportionate basis.

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A discount of Rs 0.50 per equity shares on the offer price will be given to retail individual bidders and eligible employee bidders.

The company proposed that the equity shares be listed on the BSE and the NSE (National Stock Exchange of India).

The companies running in the lead for 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.

State-owned RVNL is into railway projects, including laying new lines, doubling, gauge conversion, railway electrification, metro projects, major bridges, construction of cable-stayed bridges, etc.