Rail Vikas Nigam shares have seen a flat opening on April 11, the first day of trade on exchanges.
The stock listed at Rs 19, the upper end of the price band, but immediately drifted marginally lower at Rs 18.80 on the BSE as well as National Stock Exchange, down 1.05 percent from issue price at 10:01 hours IST.
The 25.34 crore-share initial public offering of Rail Vikas Nigam, which opened for subscription during March 29 and April 3, was subscribed 1.83 times.
The wholly-owned government company, a Miniratna central public sector enterprise, incorporated by the Ministry of Railways, launched its IPO at a price band of Rs 17-19 per share.
The company raised about Rs 480 crore by selling 12.12 percent stake.
This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on April 1.
In April 2017, the Cabinet Committee on Economic Affairs had approved the listing of five railway companies — IRCON international, Rail Vikas Nigam, Indian Railway Finance Corp Ltd, RITES Ltd and Indian Railway Catering and Tourism Corp. Out of these five, IRCON international and RITES was listed in 2018-19.