Deepak Builders & Engineers India has raised Rs 78.01 crore from five institutional investors via anchor book on October 18. The company's public issue will open for subscription on October 21.
The company targets to mop up Rs 260.04 crore through an initial public offering at the upper end of price band of Rs 192-203 per share. The IPO is a mix of fresh issue of 1.07 crore equity shares worth Rs 217.21 crore, and an offer-for-sale of 21.1 lakh shares worth Rs 42.83 crore.
Promoter Deepak Kumar Singal and his wife Sunita Singal will be the selling shareholders in the offer-for-sale.
The Punjab-based construction company in its filing to exchanges on Friday said it has finalised allocation of 38,42,939 equity shares to anchor investors at Rs 203 per share.
Neomile Growth Fund was the largest investor, buying 14.77 lakh shares worth Rs 30 crore, followed by Citadel Capital Fund which picked 9.85 lakh shares worth Rs 20 crore.
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Saint Capital Fund, Zeal Global Opportunities Fund, and Elite Capital Fund were other investors, investing Rs 28 crore against 13.8 lakh shares.
Deepak Builders will utilise Rs 30 crore out of the fresh issue proceeds for repaying debt. Further, Rs 111.96 crore will be spent for working capital requirements, and the remaining IPO funds will be utilised for general corporate purposes.
Currently, the company that undertakes construction & infrastructure projects has 12 ongoing projects including seven EPC projects and five item-rate or percentage rate contracts. Its order book was Rs 1,380.4 crore as of June 2024, of which 66 percent projects are from railways segment.
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