Bharat Road Network Limited IPO subscribed 1.81 times

The Initial Public Offering (IPO) of Bharat Road Network Limited has just scraped through in contrast to the huge oversubscription received by Dixon Technologies IPO. The issue garnered subscription of just 1.81 times. The IPO has received subscription for 5,30,05,154 equity shares against the offer of 2,93,00,000 equity shares. The issue also received bids for 1,38,85,914 equity shares at cut-off price.

The company's IPO opened for subscription on Sep 6, 2017 and closed on Sep 8, 2017. The company came out with Initial Public offer of upto 29,300,000 Equity Shares at a price band of Rs 195 to Rs 205. The face value of the share is Rs. 10.

The Qualified Institutional Buyers (QIBs) portion of the issue received subscription of 1.33 times with demand for 29164230 equity shares against the offer of 21975000 equity shares.

The Non Institutional Investors portion of the issue received subscription for 7178674 equity shares against the offer of 4395000 equity shares resulting in a subscription of 1.63 times.

The Retail Individual Investors(RIIs) portion of the issue garnered subscription of 5.69 times with bids for 16662250 equity shares against the offer of 13885914 equity shares.

Inga Capital Private Limited, Investec Capital Services (India) Private Limited and Srei Capital Markets Limited were the Book Running Lead Managers to the IPO.

Antique Stock Broking Limited, AUM Capital Market Private Limited and SPA Securities Limited were the Syndicate Members to the IPO.

Karvy Computer Share Private Limited is the Registrar to the company.

Source : Equity Bulls

Keywords