Deepak Builders files for IPO

New Delhi: Engineering and construction company Deepak Builders & Engineers India Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. This is the first company to file the draft papers with Sebi for floating a maiden public issue in the current financial year (2024-25). The initial public offering (IPO) is a combination of 1.2 crore fresh issue of equity shares and an Offer For Sale (OFS) of 24 lakh equity shares by promoters -- Deepak Kumar Singal and Sunita Singal, according to the Draft Red Herring Prospectus (DRHP). At present, promoters and promoter group entities hold 100 per cent stake in the city-based company. Funds to the tune of Rs 95 crore will be used for working capital requirements of the company and Rs 30 crore for payment of debt, besides, a portion will be utilised for general corporate purposes, as per the draft papers filed last week.