DEE Development Engineers IPO to open on June 19th

12 Jun 2024 , 11:55 AM

DEE Development Engineers, a specialized process piping solutions provider, will see its  initial public offer (IPO) open on June 19. The company has set IPO price band at ₹192-203 per share. Investors who want to apply for the IPO can bid for a minimum 73 shares and its multiples thereof.

The issue will conclude on June 21. As per RHP, the company aims to raise ₹418 Crore which includes fresh issue of equity shares worth ₹325 Crore and an offer-for-sale (OFS) of ₹93.01 Crore. Promoter Krishan Lalit Bansal is the only selling shareholder and will be offloading his share.

Dee Development’s IPO allotment of shares is tentatively scheduled for Monday, June 24. Refunds will begin on Tuesday, June 25, and shares will be credited to the allottees’ demat accounts the same day. The shares are expected to be listed on BSE and NSE on Wednesday, June 26.

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. Eligible employees bidding in the employee reservation portion will receive a discount of ₹19 per equity share.

Dee Development Engineers specializes in providing process pipe solutions for industries such as oil and gas, electricity (including nuclear), and chemicals. With over three decades of manufacturing experience, the firm has grown by leveraging its brand, strategically located production facilities, and engineering capabilities.

The company plans to use the IPO proceeds to meet working capital requirements (₹75 Crore), prepay or repay certain outstanding borrowings (₹175 Crore), and for general corporate purposes.

SBI Capital Markets Limited and Equirus Capital Private Limited are the book-running lead managers for the IPO, with Link Intime India Private Ltd serving as the registrar.