Deepak Builders and Engineers share price lists at a 2% discount

IPO listing: Deepak Builders & Engineers made a subdued listing on Indian bourses on Monday, October 28. After a solid subscription of its initial public offering, shares of Deepak Builders and Engineers India failed to see a bumper opening. The stock opened at ₹198.50 on the BSE at a discount of 2.22 per cent with respect to the issue price of ₹203. After a weak opening, the stock fell as much as 15.8 per cent to the level of ₹170.90. Around 10:35 am, the stock traded at ₹177.40. On the NSE, Deepak Builders and Engineers share price opened at ₹200. It plunged 15.8 per cent to the level of ₹171.

The issue saw an overall subscription of 41.54 times. The portion reserved for retail investors was booked 39.79 times, the QIB segment was booked 13.91 times, and the portion reserved for NIIs was booked the highest at 82.47 times.

The IPO opened for subscription on Monday, October 21 and finished on Wednesday, October 23.

The issue combined a fresh issue of 1.07 crore shares and an offer for sale (OFS) of 21 lakh shares. The company intends to use the net proceeds to pay debt, fund working capital requirements, and general corporate purposes.

Deepak Builders & Engineers India Limited specialises in constructing administrative, institutional, and industrial buildings, hospitals, stadiums, residential complexes, and other construction projects.

Meanwhile, the Indian stock market benchmarks, the Sensex and the Nifty 50, rose by a per cent each on gains led by shares of select heavyweight ICICI Bank, Reliance Industries and Mahindra and Mahindra.

Among sectoral indices, Nifty PSU Bank and Metal indices rose up to 3 per cent while Nifty Bank, Auto and Financial Services rose over a per cent each.

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