Deepak Builders & Engineers India IPO subscribed 9.93 times

22 Oct 2024 , 03:17 PM

Retail and non-institutional investors (NIIs) are putting a lot of money into Deepak Builders & Engineers’ initial public offering (IPO). Subscriptions for the ₹260.04 crore book-built issue went live on Monday, October 21, and will be open till Wednesday, October 23. The pricing range for the IPO is set at ₹192 to ₹203 per share.

The issue aims to use the net proceeds to pay down debt, support working capital needs, and for general corporate purposes. It is a mix of a new issuance of 1.07 crore shares to earn 217.21 crore and an offer for sale (OFS) of 21 lakh shares to raise 42.83 crore.

By 15:13 pm on Tuesday, the second day of subscription, the issue had been subscribed 9.96 times, with bids for 8,90,51,970 shares versus 89,67,061 issued, according to BSE data.

While the NII section was booked 12.92 times the retail investor segment was subscribed 13.74 times, with bids for 6,16,24,185 shares against 44,83,500 offered.

The QIB segment received bids for 26,33,010 shares out of the 25,62,061 offered, indicating a 1.03 times subscription rate.

FedEx Securities has been named the lead manager of the public offering, while KFin Technologies Limited has been named the official registrar of the book build issue.

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