New Delhi: DEE Development Engineers, a company providing piping solutions, saw a massive response to its initial public offering (IPO). By the last day of the subscription period, the IPO was subscribed 99.56 times, according to data from the NSE.
High Demand for Shares
The IPO, worth Rs 418 crore, received bids for over 148.78 crore shares, while only 1.49 crore shares were available. This high demand came from various investor categories:
- Qualified Institutional Buyers (QIBs) subscribed 201.91 times.
- Non-Institutional Investors subscribed 144 times.
- Retail Individual Investors (RIIs) subscribed 23.42 times.
Details of the IPO
The IPO included a fresh issue of shares worth Rs 325 crore and an offer for sale of up to 45.82 lakh equity shares. The share price was set between Rs 193 and Rs 203 each.
Funds and Plans
DEE Development Engineers raised over Rs 125 crore from anchor investors before the IPO opened to the public. The fresh funds from the IPO will be used as follows:
- Rs 175 crore to pay off debt.
- Rs 75 crore for working capital needs.
- Rs 75 crore for general corporate purposes.
About DEE Development Engineers
The company offers specialised process piping solutions for industries such as oil and gas, power, chemicals, and more. It operates seven manufacturing facilities:
- Three in Palwal, Haryana.
- One in Anjar, Gujarat.
- One in Barmer, Rajasthan.
- One in Numaligarh, Assam.
- One in Bangkok, Thailand.
Client Base and Listing
DEE Development Engineers’ clients include major companies like JGC Corporation, Mitsubishi Heavy Industries, and Reliance Industries. SBI Capital Markets and Equirus Capital managed the IPO. Shares of the company will be listed on both the BSE and the NSE.
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