Dee Development Engineers soars on debut

Shares of Dee Development Engineers were currently trading at Rs 339 at 10:43 IST on the BSE, representing a premium of 67% as compared with the issue price of Rs 203.

The scrip was listed at Rs 325, exhibiting a premium of 60.1% to the issue price.

So far, the stock has hit a high of 365.70 and a low of 310.20. On the BSE, over 21.99 lakh shares of the company were traded in the counter so far.

The initial public offer (IPO) of Dee Development Engineers was subscribed 99.56 times. The issue opened for bidding on 19 June 2024 and it closed on 21 June 2024. The price band of the IPO was fixed at Rs 193 to 203 per share.

The initial public offer comprises fresh issue of equity shares aggregating upto Rs 325 crore and the offer for sale of 45,82,000 equity shares.

Of the net proceeds of the offer, about Rs 75 crore will be used for funding working capital requirements of the company; Rs 175 crore for prepayment or repayment of all or a portion of certain outstanding borrowings availed by the company; and balance for general corporate purposes. Total borrowings as end of Dec 2024 stood at Rs 386.19 crore.

Dee Development Engineers (DDEL) is an engineering company providing specialized process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.

As part of its specialized process piping solutions, it manufactures and supplies piping products such as high-pressure piping systems, piping spools, high frequency induction pipe bends, longitudinally submerged arc welding pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids and accessories including, boiler superheater coils, de-super heaters and other customized manufactured components.

The firm reported a net profit of Rs 14.34 crore and net sales of Rs 545.55 crore for the nine months ended on 31 December 2023.

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