On its first day of trade at the Indian stock exchanges, the shares of RVNL (Rail Vikas Nigam Ltd) opened flat at Rs 19. The stock was listed at Rs 19, the upper price band of its issue price. The price fluctuated to an intraday high and low of Rs 19.50 and Rs 18.65 on NSE.

The state-owned enterprise's IPO (Initial Public Offering) worth Rs 480 crore that was open between 29 March and 3 April was subscribed 1.83 times. RVNL is a Miniratna central public sector enterprise that was incorporated by the Ministry of Railways.

It is engaged in railway projects that include setting up of new lines, doubling, gauge conversion, railway electrification, metro projects, workshops, major bridges, construction of cable-stayed bridges and institutional buildings.

However, laying of new lines and provisioning additional lines along existing tracks are the activities that bring in 75 percent of the company's revenues.

Its IPO was launched to sell 12.12 percent of the stake in the company at a price band of Rs 17-19 a share. It was the first Central Public Sector Enterprise disinvestment for the current financial year 2019-20.

The issue price values the stock at 7 times the company's earnings in the financial year 2017-18. IRCON International's issue price was valued at 9.58 times, in comparison.