DEE Development Engineers announced on Tuesday that it secured over ₹125 crore from key investors ahead of its IPO launch on Wednesday, June 19.
The company allocated 61,62,777 equity shares to these anchor investors at ₹203 per share, according to an exchange filing.
“The Board of Directors, in consultation with the Book Running Lead Managers, finalized the allocation of 61,62,777 Equity Shares to Anchor Investors at ₹203 per share during their meeting on Tuesday, June 18, 2024,” the company stated.
Some of the notable investors in this round include HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, LIC MF Large, SBI General Insurance, and Morgan Stanley Asia.
Of the total 61,62,777 shares allocated to anchor investors, 26,61,210 shares (43.18% of the total allocation) were allotted to four domestic mutual funds across nine schemes.
Dee Development Engineers IPO Details
The IPO for Dee Development Engineers will be open for subscription from Wednesday, June 19, to Friday, June 21. The price range for the shares has been set between ₹193 and ₹203 per share, each with a face value of ₹10.
The total value of the IPO is ₹418 crore, which includes a fresh issue of ₹325 crore and an offer-for-sale (OFS) of 4,582,000 equity shares by the promoter Krishan Lalit Bansal.
The company’s promoters are Krishan Lalit Bansal, Ashima Bansal, and DDE Piping Components Private Limited.
The IPO has allocated up to 50% of the shares for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and at least 35% for retail investors. Employees eligible for the employee reservation portion are offered a discount of ₹19 per share.
DEE Development Engineers is known for providing process pipe solutions for industries such as oil and gas, electricity (including nuclear), chemicals, and others. With over 35 years of manufacturing experience, the company has grown by leveraging its brand, strategically located production facilities, and engineering expertise.
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