The IPO of Rail Vikas Nigam Ltd (RVNL) opens today and the state-owned company is offering 25.34 crore shares at a price band of ₹17-19 per equity share. The ₹481- crore RVNL IPO will close on April 3. 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%. RVNL has reserved around 6.5 lakh shares for eligible employees. Both retail investors and employees who bid for the shares will get a discount in the IPO. As of 3pm, RVNL IPO was subscribed 0.07 times, according to NSE data. Umesh Mehta, head of research at Samco Securities, said: “The year 2018 saw a dismal listing of IPOs. However, this year seems to be healthy yet again for companies to list on the primary markets with RVNL opening today, Metropolis Healthcare next week and Polycab to be out soon."