Deepak Builders & Engineers India's initial public offering (IPO) has received a strong response, with bids exceeding 37.23 crore equity shares, which is 41.53 times the offered size of 89.67 lakh shares as of October 23.

Despite a recent decline in the equity markets, where the benchmark Nifty has dropped seven percent from its peak on September 27, the company's IPO has garnered significant interest. The price band for the IPO has been set between Rs 192 and Rs 203 per share, and the company aims to raise Rs 260.04 crore through this offering.

The high demand for the IPO is evident in the subscription numbers. Non-institutional investors have subscribed 82.46 times their allotted quota, while retail investors have subscribed 39.76 times their reserved portion. Qualified institutional buyers have also shown significant interest, acquiring nearly 14 times their designated share.