Mumbai: Shares of Bharat Road Network Ltd (BRNL) debuted little changed on the bourses on Monday, after the road builder’s Rs600 crore initial public offer (IPO) was subscribed 1.81 times last week.
Bharat Road Network shares opened 0.05% lower on the Bombay Stock Exchange (BSE) at Rs204.90 apiece, compared to the issue price of Rs205, which was the upper end of the price band of Rs195-205 per share.
At 10.05am, they were down 0.59% at Rs203.70, while benchmark 30-share Sensex traded 0.62% higher at 32,472.88 points. Earlier in the day, the shares touched a high of Rs205.25 and a low of Rs196.50, respectively.
For the fiscal years 2017, 2016 and 2015, the Kolkata-based company’s consolidated revenue from operations was Rs10.25 crore, Rs75 lakh and Rs8.43 crore, respectively. For these fiscal years, its consolidated loss was Rs73.89 crore, Rs92.54 crore and Rs26.42 crore, respectively.
The road-building company, promoted by SREI Infrastructure Finance Ltd, sold 29.3 million shares in a fresh issue of shares, and diluted 34.9% stake. At the upper end of the price band, BRNL will raise around Rs600 crore. The share sale ends on 8 September.
Founded in 2006, BRNL is involved in the development, operation and maintenance of national and state highways in Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha.
The company has a portfolio of six BOT (build-operate-transfer) road projects, of which five are operational and one is under construction.