The initial public offer of Bharat Road Network was subscribed 22 percent on the first day of the three-day bidding today.

The IPO of Bharat Road Network, a Srei Infrastructure Finance company, received bids for 64,09,765 shares against the total issue size of 2,93,00,000 shares, as per data available with the NSE.

The category reserved for qualified institutional buyers (QIBs) was subscribed 19 percent, non-institutional investors 1 per cent and retail investors 76 percent.

Bharat Road Network has fixed price band of Rs 195-205 per share for its IPO and aims to raise Rs 600 crore.

Net proceeds from the issue will be utilised towards advancing of subordinate debt in the 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 are managing the IPO.