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The ₹481 crore IPO of Rail Vikas Nigam Ltd (RVNL) was subscribed 1.78 times on the last day of the issue. The state-owned company offered 25.34 crore shares at a price band of₹17-19 per equity share.
RVNL will be the third rail PSU to be listed after RITES and IRCON. RVNL will not receive any proceeds from the offer for sale since the government is selling about 12% stake in the company. After the IPO, the central government’s stake in RVNL will drop around 88%, reported Mint.
DSK Legal acted as domestic legal counsel for Rail Vikas Nigam and the team was led by Senior Associates Himani Sharma and Akasha Dubey.
Verist Law acted for the underwriters (YES Securities, IDBI Capital and Elara Capital) and the team was led by Founding Partner Srishti Ojha.