Deepak Builders & Engineers IPO receives 12x subscription on second day

Deepak Builders & Engineers India’s IPO witnessed a strong response on the second day of the share sale on Tuesday. The Rs 260 crore IPO received an overwhelming subscription of 12 times, with bids for 10,75,78,932 shares against the 89,67,061 shares on offer, as per the data from the National Stock Exchange (NSE).

The non-institutional investors category was subscribed 17.39 time, while the Retail Individual Investors (RIIs) portion was subscribed 15.93 times. The Qualified Institutional Buyers (QIBs) category received a modest 1.08 times subscription.

On the first day of the share sale on Monday, the IPO of the engineering and construction company had already garnered a subscription of 4.12 times. The offer consists of a fresh issue of up to 1.07 crore equity shares and an offer for sale of up to 21,10,000 equity shares. The company has set the price range for the offer at Rs 192-203 per share.

Fedex Securities Private Ltd is acting as the book-running lead manager for the IPO.