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PNN
Mumbai (Maharashtra) [India], October 19: Deepak Builders & Engineers India Limited provides integrated engineering and construction services for diverse projects across India, proposes to open its Initial Public Offering on October 21, 2024, aiming to raise Rs 260.04 Crore, with shares to be listed on the NSE & BSE platform. The issue size is Up To 12,810,000 equity shares at a face value of Rs 10 each. Equity Share Allocation - QIB Portion - Not More Than 6,405,000 Equity Shares- Non-Institutional Investors - Not Less Than 1,921,500Equity Shares- Retail Individual Investors - Not Less Than 4,483,500Equity Shares The net proceeds from the IPO will be utilized for Repayment/prepayment, in full or part, of certain borrowings availed by the Company and Funding of working capital requirements. The anchor portion will open on October 18,2024 and issue will close on October 23, 2024. The Book Running Lead Manager to the Issue is Fedex Securities Private Limited, The Registrar to the Issue is Kfin Technologies Limited Deepak Kumar Singal, Chairman & Managing Director, of Deepak Builders & Engineers India Limited expressed, announcing our IPO is a momentous occasion for Deepak Builders & Engineers India Limited, marking a new chapter in our journey as a leader in the infrastructure sector. This milestone reflects our commitment to excellence and innovation in delivering high-quality construction and engineering solutions. The proceeds from the IPO will be instrumental in enhancing our working capital, enabling us to strategically manage our borrowings and invest in future projects that align with our growth objectives. We are excited about the opportunities that lie ahead and remain dedicated to building a sustainable infrastructure that meets the needs of our communities and clients. This IPO will not only strengthen our operational capabilities but also contribute to our long-term growth." Uday Nair, Director of Fedex Securities Private Limited said we are glad to be a part of the upcoming IPO ofDeepak Builders & Engineers India Limited is a strategic move that aligns perfectly with the substantial growth in India's infrastructure sector. The company's portfolio includes a diverse range of high-quality construction projects, Deepak Builders is well-positioned to capitalize on the significant opportunities presented by increasing government investments and a rising demand for infrastructure development." The net proceeds from this IPO will be strategically allocated to bolster working capital, facilitate the repayment and prepayment of certain borrowing. This financial strategy is essential for enhancing the company's operational efficiency and positioning it for sustained growth. We believe that this IPO will provide Deepak Builders with the necessary resources to enhance their service capabilities and drive future success. (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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