India's Rail Vikas Nigam IPO fully subscribed

MSTC

03/04/2019 13:52

April 3 (Reuters) - India's state-owned Rail Vikas Nigam
Ltd's  RAIV.NS  initial public offering (IPO) to raise 4.82
billion rupees ($70.45 million) was fully subscribed at the end
of the book-running process, stock exchange data https://www.nseindia.com/marketinfo/ipochart/ipochart.jsp?issue=RVNLCUMUEQ&ir=I&cn=C&sd=D&cnlink=N
 showed on Wednesday.
    Investors bid for about 458 million shares in the company,
which undertakes railway projects, or 1.8 times the 253.5
million shares on offer, as of 1230 GMT.
    The share sale comes amid IPOs by state-run firms such as
e-auctioning company MSTC Ltd  MSTC.NS , which extended the sale
by three days and cut the lower end of the price band to attract
more investors.  urn:newsml:reuters.com:*:nL3N21736L
    The appetite for Indian equities has picked up days before a
national election, amid renewed hopes of a second term for Prime
Minister Narendra Modi, even though investors continued to
maintain a cautious stance.    
    The IPO is through a share sale by the India government
within a price band of 17 to 19 rupees apiece.  urn:newsml:reuters.com:*:nFWN21C0TS    

    ($1 = 68.4200 Indian rupees)

 (Reporting by Krishna V Kurup in Bengaluru, Editing by Sherry
Jacob-Phillips)
 ((Reuters Messaging: Krishna.VKurup@thomsonreuters.com ; +91 80
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Krishna.VKurup.thomsonreuters.com@reuters.net))