DEE Development Engineers shares rose slightly more than 65% on their IPO day, June 26, demonstrating high interest in the piping solutions provider. Positive market mood and strong IPO subscription numbers drove the stock higher.
The stock began at ₹339 on the NSE, up 67%, well beyond analysts’ projections. It suffered some profit booking in early trades, hitting a day’s low of ₹310, but immediately gathered momentum and continued higher for the rest of the session, reaching an intraday high of ₹365.70, before completing the day 65.18% higher at ₹335.32, with volume of 3.35 Crore equity shares.
On the BSE, the stock rose 65.02% to ₹335 on a volume of 28.76 lakh equity shares.
DEE Piping Systems generated ₹418.01 Crore in its debut public offering at the top end of the price band of ₹193-203 per share, which included a fresh issue of ₹325 Crore of shares and an offer-for-sale of 45.82 lakh shares for ₹93.01 Crore.
The engineering company, founded in 1988, provides piping solutions for oil and gas, power (including nuclear), chemicals, and other process industries through engineering, procurement, and manufacturing. The fresh issue proceeds will be used primarily for working capital and debt repayment, as well as general corporate purposes.
DEE Development reported a net profit of ₹14.34 Crore on revenue of ₹545.6 Crore for the nine-month period ending December 2023. Furthermore, it reported a 58.3% year-on-year increase in net profit at ₹13 Crore for the fiscal year ending March FY23, with revenue jumping 29.2% to ₹595.5 Crore from the previous year.
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