Deepak Builders and Engineers to launch IPO on October 21, fixes price band. Check details
construction company Deepak Builders and Engineers will open for subscription on October 21 and close on October 23. The company has fixed a price band of Rs 192-203 apiece.
The IPO is a combination of a 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 the 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.
Deepak Builders is an integrated engineering and construction company, specialising in the execution and construction of administrative and institutional buildings, hospitals and medical colleges, industrial buildings, historical memorial complexes, stadiums and sports complexes, and residential complexes.
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