Receives bids for 5.30 crore shares
The initial public offer (IPO) of Bharat Road Network received bids for 5.30 crore shares compared with 2.93 crore shares, data on NSE showed. The IPO was subscribed 1.81 times. The price band for the IPO was fixed at Rs 195-205 per share. The issue had opened for bidding on 6 September 2017 and closed on 8 September 2017.
Category wise, the qualified institutional buyers (QIBs) category was subscribed 1.33 times. The non institutional investors (NIIs) category was subscribed 1.63 times. The retail individual investors (RIIs) category was subscribed 5.69 times.
The object of the issue was to spend around Rs 372.25 crore on acquisition of subordinated debt held by promoter Srei in three of the operating special purpose vehicles (SPVs), acquisition of subordinated debt of Rs 51.47 crore in the under-construction Solapur project and rest for general corporate purposes, apart from the benefits of listing the equity shares on the stock exchanges and to enhance its visibility and brand image and provide liquidity to its existing shareholders.
Bharat Road Network reported consolidated net loss of Rs 36.79 crore in the year ended 31 March 2017 (FY 2017) compared with net loss of Rs 49.84 in FY 2016. Net sales jumped 1266% to Rs 10.25 crore in FY 2017 over FY 2016.
Incorporated in 2006 and promoted by Srei Infrastructure Finance (Srei) and Make in India fund, Bharat Road Network is a build-operate-transfer (BOT) company, engaged in the business of development, implementation, operation, and maintenance of roads/highways projects.
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