Bharat Road Network Ltd.'s Rs 600-crore initial public offering was subscribed 0.22 times on the first day of the bidding.
The public issue of the Kolkata-based road developer, received bids for 64.09 lakh shares as against the total issue size of 2.93 crore shares, data available with the National Stock Exchange till 5:00 pm showed.
Qualified institutional buyers (QIBs) category was subscribed 0.19 times while the portion allocated for non institutional investors barely saw any demand. The shares reserved for retail investors were subscription 0.76 times.
The IPO consists of 2.93 crore fresh shares in a price band of Rs 195-205 apiece, according to its red herring prospectus, and will close on September 8. The amount raised will go towards advancing subordinate debt as an interest-free loan to finance a lane expansion project undertaken by its subsidiary STPL.
A unit of SREI Group, Bharat Road has six road projects in Kerala, Madhya Pradesh, Haryana, Uttar Pradesh and Odisha. Its promoters include SREI Infrastructure Finance Ltd. and the Make in India Fund.
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