Shares of Deepak Builders and Engineers India made a subdued debut on 28 October, listing at Rs 200 per share on the National Stock Exchange (NSE), a 1.5 per cent discount to its issue price of Rs 203. This performance contrasts sharply with expectations from the grey market, where shares had been trading at a premium of 16 per cent ahead of the listing.
Despite this initial dip, investor confidence remained strong, with Deepak Builders’ IPO receiving bids for 37.24 crore shares, 41.54 times the 89.67 lakh shares on offer. Non-institutional investors led the demand, subscribing 82.47 times their allotted quota, while retail investors subscribed 39.79 times, and qualified institutional buyers subscribed 13.91 times.
The Ludhiana-based company had raised Rs 78 crore from anchor investors on 18 October, with plans to allocate Rs 142 crore of the fresh issue proceeds to debt repayment and working capital needs, while the remaining funds will go towards general corporate purposes.
Founded in 2017, Deepak Builders and Engineers India specialises in constructing administrative, institutional, and industrial structures, including hospitals, stadiums, and residential buildings. The company’s projects range from architectural design and civil work to MEP installations, firefighting systems, IT infrastructure, medical gas pipelines, and landscaping, making it a key player in turnkey construction solutions.