Bharat Road Network IPO oversubscribed 1.80 times on last day

The initial public offer of Bharat Road Network was over-subscribed 1.80 times on the last day of bidding on Friday.

The IPO of Bharat Road Network, a Srei Infrastructure Finance company, received bids for 5,27,44,398 shares against the total issue size of 2,93,00,000 shares, data available with the NSE till 7.15 pm showed.

The portion set aside for qualified institutional buyers (QIBs) was oversubscribed 1.33 times, non-institutional investors 1.63 times and retail investors 5.57 times.

Bharat Road Network has fixed price band of Rs 195-205 per share for its IPO and aims to raise over Rs 600 crore.

Net proceeds from the issue will be utilised towards advancing of subordinate debt in the form of interest-free unsecured loan to its subsidiary STPL for part-financing of the STPL Project, among others.

 

Inga Capital, Investec Capital Services and Srei Capital Markets are managing the IPO.