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Tells railway ministry that management had presented a bleak picture of company’s future which could have impacted its IPO.

The Cabinet in December last year approved initial public offering (IPO) of RailTel Corporation India by diluting up to 25 per cent governm...

IRCTC IPO could fetch about Rs 500 crore, while IRFC could garner close to Rs 1,000 crore.

The RVNL offer comprises of 12.12 per cent of paid-up equity share capital of the company.

This is the first Central Public Sector Enterprise (CPSE) disinvestment in the current fiscal, which started on April 1.

The IPO received bids for 11,66,03,760 shares till 4:45 pm against the issue size of 25,34,57,280 units.

The IPO received bids for 3,87,41,820 shares till 1:30 pm against 25,34,57,280 units on offer.

The RVNL offer comprises of 12.12 per cent of paid-up equity share capital of the company.

Analysts said investors with a long-term horizon may subscribe to the issue.

"This IPO is attractively priced and we feel we will be able to attract small investors," NV Reddy told reporters.

A discount of Rs 0.50 per share each on the offer price is marked for retail investors and employees.

After the RITES issuance, the government will move forward with the listing process of the two PSUs.

At the upper end of the price band of Rs 185 a scrip, the IPO would fetch around Rs 460 crore to the exchequer.

RVNL had filed DRHP with Sebi on March 28 and obtained observations on May 17.

The IPOs are a part of the govt's target to garner Rs 80,000 crore through stake sales in 2018-19.

They are among the 5 railway PSUs cleared for listing by the Union Cabinet last week.