Mumbai: The Dee Development Engineers IPO received strong interest on its first day, especially from retail and non-institutional investors, who fully booked their allotted shares within hours. By 12:45 IST, the IPO was 88% subscribed according to data from the BSE.
Subscription Details:
- Retail Individual Investors (RIIs): Subscribed 1.20 times
- Non-Institutional Investors (NIIs): Subscribed 1.21 times
- Qualified Institutional Buyers (QIBs): Not yet subscribed
- Employee Portion: Subscribed 4.14 times
Investors placed bids for 1,31,27,444 shares against the 1,49,44,944 shares available, as per BSE data.
IPO Information:
- Price Band: ₹193 to ₹203 per equity share, face value ₹10
- Subscription Period: Closes on Friday, 21 June
- Bid Requirements: Minimum 73 shares, multiples of 73 thereafter
Share Allocation:
- QIBs: Up to 50%
- NIIs: At least 15%
- Retail Investors: At least 35%
- Employee Discount: ₹19 per share
Financial Backing: Dee Development Engineers raised over ₹125 crore from anchor investors on 18 June.
About the Company
Dee Development Engineers is an engineering firm that specialises in designing, procuring, and manufacturing process pipes for various industries including oil and gas, power, and chemicals. With over 35 years of experience, the company has expanded through its brand, well-placed production facilities, and engineering expertise.
IPO Structure:
- Total Value: ₹418 crore
- Fresh Issue: ₹325 crore
- Offer for Sale (OFS): 4,582,000 shares by promoter Krishan Lalit Bansal
The company plans to use the funds from the fresh issue to:
- Meet working capital needs (₹75 crore)
- Pay off some of its debts (₹175 crore)
- Cover general corporate expenses
Management: SBI Capital Markets Limited and Equirus Capital Private Limited are the lead managers for the IPO, with Link Intime India Private Ltd as the registrar.
Market Activity
The Grey Market Premium (GMP) for Dee Development IPO today is ₹80. This suggests that shares were trading at a premium of ₹80 in the grey market, with an expected listing price of ₹283 per share. This is 39.41% higher than the upper IPO price of ₹203. GMP reflects how much more investors are willing to pay above the issue price.
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