Deepak Builders & Engineers India Ltd to Launch Rs 260.04 Crore IPO

Deepak Builders & Engineers India Limited is set to open its Initial Public Offering on October 21, 2024, with the goal of raising Rs 260.04 Crore. The IPO proceeds will be utilized for repaying certain borrowings and funding working capital needs, marking a significant growth phase for the company.

Deepak Builders & Engineers India Limited is poised for a financial milestone with the launch of its Initial Public Offering (IPO) on October 21, 2024. The construction and engineering services provider aims to raise Rs 260.04 Crore, utilizing the proceeds to manage debt and enhance working capital. Shares will be publicly traded on NSE and BSE.

The IPO comprises up to 12,810,000 equity shares valued at Rs 10 each. The allocation plan includes up to 6,405,000 shares for Qualified Institutional Buyers, at least 1,921,500 shares for Non-Institutional Investors, and a minimum of 4,483,500 shares for Retail Individual Investors. The issue closes on October 23, 2024, after the anchor portion opens on October 18, 2024.

In a statement from Deepak Kumar Singal, Chairman & Managing Director, the IPO marks a pivotal point in the company's journey, reflecting its dedication to excellence and sustainable infrastructure development. Uday Nair of Fedex Securities noted the IPO aligns with the upsurge in India's infrastructure sector, setting the company up for future success.

(With inputs from agencies.)