Deepak Builders and Engineers IPO opens on Monday, GMP at 23%. Check details
IPO) of engineering and construction company Deepak Builders and Engineers, which will open for subscription on October 21, is currently trading at a premium of 23% in the unlisted market.
The shares of the company are trading at a grey market premium (GMP) of Rs 50.
The company has fixed a price band of Rs 192-203 apiece for the issue and the same will be a combination of fresh equity sale of Rs 217 crore and an offer for sale (OFS) of 21 lakh shares.
About 50% of the offer is reserved for qualified institutional buyers, 35% for retail investors and the other 15% for non-institutional investors. Investors can place bids for 73 shares in one lot and in multiples thereafter.
IPO funds to the tune of Rs 95 crore will be used for working capital requirements of the company and Rs 30 crore for payment of debt, besides, a portion will be utilised for general corporate purposes, as per the draft papers filed last week.
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