The initial public offering of Dilip Buildcon, which opened on Monday, was subscribed 0.08 times, or 8%, with investors bidding for 19.01 lakh shares of the total 2.13 crore shares on offer. The price band for the issue has been fixed at Rs 214-Rs 219 per share.
The issue received no bids from qualified institutional buyers (QIBs). High net-worth individuals (HNIs) bid
for 46,670 of the 45.48 lakh shares reserved for them, 0.01 times the quota. Retail investors bid for nearly 0.17 times of their quota or 18.54 lakh shares of the 1.06 crore shares reserved for them.
On Friday, the company raised Rs 196 crore by allotting 8.95 lakh shares to its anchor investors at a price of Rs 219 apiece. Among the investors who were allotted shares in the pre IPO placement, include Nomura Singapore, HDFC Trustee company, Small Cap World Fun, Abu Dhabi Investment Authority, PGGM World Equity and DB International (Asia).
The Bhopal-based, engineering, procurement, construction firm is targeting a collection of Rs 654 crore (when calculated at the upper end of the price band), from the IPO. The issue comprises a fresh issue equity shares aggregating Rs 430 crore and an offer for sale of over 1.02 crore shares by the existing promoters Devendra Jain, Dilip Suryavanshi and BanyanTree Growth Capital, LLC, post issue the stake of the promoters will be reduced by 3%, 2% and 69%, respectively.