NEW DELHI: The initial public offer (IPO) by Rail Vikas Nigam (RVNL) was subscribed 18 per cent on the second day of the bidding process.
According to data on the NSE, the IPO received bids for 4,48,71,840 shares till 5 pm against the total issue size of 25,34,57,280 units.
The IPO was subscribed 9 per cent on Day 1 of the bidding process on Friday.
The company has IRCON International as its listed peer, which debuted in September last year and is quoting at a 15 per cent discount to the issue price.
On the block are up to 2,53,457,280 RVNL shares in the price band of Rs 17-19 a share. At the upper end of the price band, the issue size comes at Rs 482 crore.
The RVNL offer comprises of 12.12 per cent of paid-up equity share capital of the company.
There will be a Rs 0.50 per share discount on the offer price for retail investors and employees.
