Deepak Builders and Engineers IPO: The initial public offering (IPO) of engineering and construction company Deepak Builders and Engineers India Limited was subscribed 41.54 times till the last day on Wednesday. The Rs 260-crore IPO received bids for 37,24,76,076 shares against the offer of 89,67,061 shares, according to NSE data. Let us tell you that the price band for the IPO was fixed at Rs 192-203 per share. This IPO was open for investment from 21 to 23 October.
How many subscribers from which segment?
The retail investors (RII) quota was subscribed 39.79 times, while the non-institutional investors category was subscribed 82.47 times. The portion of qualified institutional buyers (QIBs) was subscribed 13.91 times. 1.07 crore new shares have been issued in the IPO. It also includes an offer for sale (OFS) of up to 21,10,000 equity shares.
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What is going on in the gray market?
According to Investorgain.com, shares of Deepak Builders and Engineers India Limited are available in the gray market today at a premium of Rs 61 on Wednesday. This means that the company’s shares are likely to be listed at around Rs 264. This means this issue can make a profit of 31% on listing. The company will finalize the basis of allotment of IPO shares by October 24, while the equity shares will be credited to the demat accounts of successful investors by October 25. Listing of the company’s shares may take place on October 28.
corporate planning
The Ludhiana-based company had raised Rs 78 crore from anchor investors on October 18. The company will use the funds raised from the IPO to repay its debt and working capital requirements. It is intended to spend Rs 142 crore and the remaining amount will be used for general corporate purposes.