DEE Development Engineers IPO subscribed 2.51 times on Day 1

20 Jun 2024 , 08:59 AM

DEE Development Engineers IPO began the first day of bidding with a strong response from retail and non-institutional investors, and both sections were fully booked within a few hours of the start. According to BSE data, the subscription status for DEE Development’s IPO was 2.51 times.

Retail Individual Investors (RIIs) placed bids for 2.68 times their quota whereas Non-Institutional Investors (NIIS) quota was subscribed 5.29 times. Qualified Institutional Buyers (QIBs) category was booked 2%. The employee portion was booked 7.06 times.

According to BSE data, the initial share sale attracted bids for 3,74,89,734 shares, with 1,49,44,944 shares on offer.

The engineering company, Dee Development, has set an IPO price band of ₹193 to ₹203 per equity share with a face value of ₹10. The subscription period concludes on Friday, June 21. Bids can be placed for a minimum of 73 equity shares and multiples of 73 equity shares thereafter.

Dee Development IPO has allocated at least 50% of the shares in the public offering for qualified institutional buyers (QIB), at least 15% for non-institutional Institutional Investors (NII), and at least 35% for retail investors. Eligible employees who bid in the employee reserve segment will receive a ₹19 discount per equity share.

DEE Development Engineers stated on Tuesday, June 18, that it has raised above ₹125 Crore from anchor investors.

Dee Development Engineers is an engineering firm that specialised in the design, procurement, and manufacture of process pipes for sectors such as oil and gas, power (including nuclear), chemicals, and more. With over three and a half decades of manufacturing experience, the company has successfully expanded its operations by using its brand, strategically positioned production facilities, and engineering capabilities.

Dee Development’s ₹418 crore IPO includes a fresh issue of ₹325 crore and an offer-for-sale (OFS) of 4,582,000 equity shares by founder Krishan Lalit Bansal.

The company’s promoters are Krishan Lalit Bansal, Ashima Bansal, and DDE Piping Components Private Limited.

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