BT Online Last Updated: September 18, 2017 | 11:47 IST
Bharat Road Network, a Srei Infrastructure initiative, made a tepid listing on the BSE and NSE on Monday.
At 11:25 am, the stock was trading 2.24 percent higher to issue price at 209 .60 level on the BSE.
The stock made a flat debut on BSE in early trade at 204.90 level compared to its issue price of 205. Its market capitalisation on the BSE stood at Rs 1768.41 crore.
The stock hit an intra-day low of 196.50 within 5 minutes of the listing but later recovered to hit intra-day high of 218 level.
The Kolkata-based firm came out with an initial public offer (IPO) on September 6 and was subscribed 1.81 times till September 8, the last day of the public issue.
Qualified institutional buyers (QIBs) bid 1.33 times for the portion allotted, non institutional investors 1.63 times and retail individual investors 5.69 times. Bharat Road Network's over Rs 600 crore IPO had a price band of Rs 195-205 per share.
Net proceeds from the issue will be utilised towards advancing of subordinate debt in 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 managed the IPO.
The firm is involved in development, operation and maintenance of national and state highways in several states with projects in Uttar Pradesh, Kerala, Haryana, Madhya Pradesh, Maharashtra and Odisha through partnerships with experienced EPC players in the local space where the project is located.
