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Road operator Bharat Road Network Ltd, which got listed today after a Rs 600-crore IPO, rose as much as 6.8 per cent to Rs 218.9 compared with the IPO issue price of Rs 205.
Some investors did not like the “complicated structure" through which Bharat Network operates, said Rajnath Yadav, an analyst at local brokerage Choice Broking.
The scrip got listed at Rs 204.90, down 0.04 from the issue price on the BSE. Later it touched a high of Rs 218.65 and a low of Rs 196.50. On the NSE, the shares debuted at Rs 205.
The IPO of Bharat Road Network, a Srei Infrastructure Finance company, was oversubscribed 1.81 times during September 6-8. The portion set aside for qualified institutional buyers was subscribed 1.33 times, 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. Inga Capital, Investec Capital Services and Srei Capital Markets managed the company’s IPO.
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