Deepak Builders & Engineers India IPO subscribed 12 times

The initial public offer (IPO) of Deepak Builders & Engineers India received 10,75,78,932 bids for shares as against 89,67,061 shares on offer, according to stock exchange data at 16:57 IST on Tuesday (22 October 2024). The issue was subscribed 12 times.

The issue opened for bidding on 21 October 2024 and it will close on 23 October 2024. The price band of the IPO was fixed between Rs 192 to 203 per share. An investor can bid for a minimum of 73 equity shares and in multiples thereof.

The public issue of up to 1,28,10,000 equity shares comprise of a fresh issue of up to 1,07,00,000 equity shares and an offer for sale (OFS) up to 21,10,000 equity shares by its promoters.

Of the net proceeds from fresh issue, Rs 30 crore will be used to repay/prepay (in full/part) of certain borrowings availed by the company and Rs 111.956 crore will be used to fund working capital requirements. The balance is for general corporate expenses.

Ahead of the IPO, Deepak Builders & Engineers India on Friday, 18 October 2024, raised Rs 78 crore from anchor investors. The board allotted 38.42 lakh shares at Rs 203 each to 5 anchor investors.

Deepak Builders & Engineers India is an integrated engineering and construction company, specializing in execution and construction of administrative & institutional buildings, hospitals and medical colleges, industrial building, historical memorial complex, stadium and sports complex, residential complex and various developmental and other construction activities (Construction Projects). It also undertakes specialized structural work such as flyovers, rail under bridge, rail over bridges, approach roads and development and redevelopment of railway stations (Infrastructure Projects).

The firm reported a consolidated net profit of Rs 9.03 crore and sales of Rs 105.11 crore for the three months ended on 30 June 2024.