The initial public offering (IPO) of Bharat Road Network Limited (BRNL) was fully subscribed on day three of the bidding process. According to Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) data, the issue saw bids for 31 million shares, which was 1.06 times the issue size of 29.3 million shares on offer. The Srei Infrastructure Finance-led firm is offering shares in the Rs 195-Rs 205 price range. The issue constitutes 34.9 per cent of the post-issue paid-up equity share capital of the company. BRNL intends to utilise the net proceeds from the issue towards advancing subordinate debt in the form of an interest-free unsecured loan to its subsidiary, Solapur Tollways Private Limited (STPL), for part financing of the STPL project, among others.