Investors subscribe IPO of DEE Development Engineers 99 times offer size

The initial public offer of piping solutions provider DEE Development Engineers got subscribed 98.98 times on the last day of subscription on Friday.

The Rs 418 crore initial share sale got bids for 1,47,92,58,933 shares against 1,49,44,944 shares on offer, according to NSE data.

The portion for Qualified Institutional Buyers (QIBs) received a whopping 201.91 times subscription while the category for non-institutional investors got subscribed 143.43 times. The part for Retail Individual Investors (RIIs) received 22.52 times subscription.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 325 crore and an offer for sale of up to 45,82,000 equity shares.

The price range for the offer is Rs 193-203 per share.

Dee Development Engineers Ltd on Tuesday said it has mobilised a little over Rs 125 crore from anchor investors.
 

Of the Rs 325 crore fresh issue proceeds, Rs 175 crore will be used for payment of debt, Rs 75 crore for funding working capital requirements, and the remaining Rs 75 crore will be used for general corporate purposes.

Dee Development is an engineering company, providing specialised process piping solutions for industries like oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.

At present, the company has seven manufacturing facilities, with three at Palwal in Haryana, one each at Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand.

The company's customers include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Energy Ltd and Toshiba JSW Power Systems.

SBI Capital Markets and Equirus Capital are managers to the offer.

Shares of the engineering company will be listed on the BSE and NSE.