Bharat Road Networks IPO Review - Sum of Apportioned EBITDA Still Yields Higher Valuation than Peers

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APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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Equity Capital Markets

Bharat Road Networks / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/24009" target="_blank" data-smartkarma-citation="entities:24009:1">Bharat Road Networks (BHARAT IN)</a> (BRNL) is planning to raise approximately US$100m in its upcoming IPO. Proceeds will be mainly used to pay down debt and finance general working capital of the company.BRNL is a road Build-Operate-Transfer (BOT) company in India focused on development implementation, operation, and maintenance of roads and highways projects. The company is a subsidiary of <a href="https://www.smartkarma.com/entities/4927" target="_blank" data-smartkarma-citation="entities:4927:1">Srei Infrastructure Finance (SREI IN)</a>.In this insight, we will discuss the assets that BRNL operates, the road development and operation industry, as well as regulation and problems that the company may face in the future. We will also compare the company against other India road development peers.

Bharat Road Networks (BHARAT IN) (BRNL) is planning to raise approximately US$100m in its upcoming IPO. Proceeds will be mainly used to pay down debt and finance general working capital of the company.BRNL is a road Build-Operate-Transfer (BOT) company in India focused on development implementation, operation, and maintenance of roads and highways projects. The company is a subsidiary of Srei Infrastructure Finance (SREI IN).In this insight, we will discuss the assets that BRNL operates, the road development and operation industry, as well as regulation and problems that the company may face in the future. We will also compare the company against other India road development peers.

Bharat Road Network Pre-IPO Review - Young Road Assets but No Guarantees on Dividend