 "Investors flock to Deepak Builders IPO; Subscription soars 7x, GMP up 30%")
Deepak Builders & Engineers India has so far received enthusiastic participation from investors for its initial public offering (IPO), which opened for public subscription yesterday, October 21, 2024. The company has received bids for 6,43,11,321 shares against 89,67,061 shares offered, resulting in an oversubscription of 7.17 times by around 12:12 PM Tuesday, according to NSE data.
Deepak Builders IPO garnered the highest participation from Retail Individual Investors (RIIs), who subscribed for 10.40 times. This was followed by Non-Institutional Investors (NIIs) at 8.50 times, and Qualified Institutional Buyers (QIBs) at 0.52 times.
Meanwhile, the grey market premium (GMP) of Deepak Builders continues to remain higher, reflecting positive market sentiment. Sources tracking grey market activities reveal that Deepak Builders shares were trading at a premium of Rs 61 against the upper end of the IPO price of Rs 203, resulting in a GMP of 30.05 per cent on Tuesday.
Deepak Builders IPO details
Through the public issue, Deepak Builders seeks to raise Rs 260.04 crore by offering a fresh issue of 10,700,000 shares and an offer for sale of 2,110,000 shares at Rs 10 each. Deepak Builders has fixed the price band for the IPO at Rs 192-203, with a lot size of 73 shares. Accordingly, investors can bid for a minimum of 73 shares and in multiples thereof.
The public issue of Deepak Builders will conclude for subscription on Wednesday, October 23, 2024. Following the closure of the Deepak Builders IPO subscription window, the basis for the allotment of the company's shares is expected to be finalised on Thursday, October 24, 2024.
Deepak Builders shares are likely to make their debut on the exchanges on Monday, October 28, 2024, by listing on the BSE and NSE.
More From This Section
Deepak Builders review
The company has succeeded in garnering reviews from brokers including the Anand Rathi Research Team and Swastika Investment for its IPO. The analysts have shared a positive outlook for the Deepak Builders IPO. READ MORE