DEE Development Engineers IPO day 3: Issue subscribed 19.22 times so far

21 Jun 2024 , 12:03 PM

The initial public offer (IPO) of DEE Development Engineers is set to close today. The company is offering its shares within a price band of ₹193-203 per share. Investors can bid for a minimum of 73 shares and in multiples thereafter.

Subscription Status

As of 11:57 AM on June 21, the subscription details are as follows:

• Retail Investors: Subscribed 12.77 times
• Non-Institutional Investors (NII): Subscribed 57.24 times
• Qualified Institutional Bidders (QIB): Subscribed 0.30 times
• Employee Quota: Subscribed 28.19 times

Company Background

Founded in 1988, DEE Development Engineers is an engineering company specializing in process piping solutions for various industries, including oil and gas, power (including nuclear), chemicals, and other process industries. The company provides services such as engineering, procurement, and manufacturing.

Operational Capacity and Financial Details

DEE Development Engineers has an operational capacity of 94,500 tonnes per annum and is adding another 9,000 tonnes at its Anjar facility. Following the IPO, the company will have a net debt of ₹2,191.18 crore.

Use of Proceeds

The proceeds from the IPO are planned to be utilized as follows:

• ₹175 crore to pay off debt.
• The remaining funds to support the company’s working capital requirements.