The initial public offering (IPO) of piping solutions company Dee Development Engineers will open for public bidding on June 19, and investor can subscribe the issue until June 21, 2024. The company is looking to raise ₹418 crore through its initial share sale.
The engineering company will sell its shares in the price range of ₹193 to ₹203 apiece, and investors can apply for a minimum of 73 equity shares in one lot and its multiples thereafter.
The public offer comprises a fresh share sale of up to ₹325 crore, and an offer-for-sale (OFS) of up to 45.82 lakh equity shares, aggregating up to ₹93 crore, by promoter Krishan Lalit Bansal.
DEE Development Engineers company will utilise the net proceeds from the fresh issue towards funding working capital requirements of the company, repayment of certain outstanding borrowings availed by the company, and general corporate purposes.
The company provides specialised process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing. It also manufactures piping products.
With six strategically located manufacturing facilities in Haryana, Gujarat, Rajasthan and Thailand, Dee Development is touted to be the largest player in process piping solutions in the country, in terms of installed capacity.
For the nine months ended on December 31, 2023, the company posted a net profit of ₹14.34 crore with a revenue of ₹380.23 crore. Its net profit stood at ₹12.97 crore with a revenue of ₹614.32 crore for the financial year 2022-23.
SBI Capital Markets Ltd. and Equirus Capital Pvt. Ltd. are the book running lead managers of the DEE Piping Systems IPO, while Link Intime India Pvt. Ltd. is the registrar for the IPO.
The allotment for the DEE Piping Systems IPO will likely be finalised on June 24, 2024. DEE Piping Systems IPO will list on BSE, NSE with tentative listing date fixed as June 26, 2024.
The engineering company will sell its shares in the price range of ₹193 to ₹203 apiece, and investors can apply for a minimum of 73 equity shares in one lot and its multiples thereafter.
The public offer comprises a fresh share sale of up to ₹325 crore, and an offer-for-sale (OFS) of up to 45.82 lakh equity shares, aggregating up to ₹93 crore, by promoter Krishan Lalit Bansal.
DEE Development Engineers company will utilise the net proceeds from the fresh issue towards funding working capital requirements of the company, repayment of certain outstanding borrowings availed by the company, and general corporate purposes.
The company provides specialised process piping solutions for industries such as oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing. It also manufactures piping products.
With six strategically located manufacturing facilities in Haryana, Gujarat, Rajasthan and Thailand, Dee Development is touted to be the largest player in process piping solutions in the country, in terms of installed capacity.
For the nine months ended on December 31, 2023, the company posted a net profit of ₹14.34 crore with a revenue of ₹380.23 crore. Its net profit stood at ₹12.97 crore with a revenue of ₹614.32 crore for the financial year 2022-23.
SBI Capital Markets Ltd. and Equirus Capital Pvt. Ltd. are the book running lead managers of the DEE Piping Systems IPO, while Link Intime India Pvt. Ltd. is the registrar for the IPO.
The allotment for the DEE Piping Systems IPO will likely be finalised on June 24, 2024. DEE Piping Systems IPO will list on BSE, NSE with tentative listing date fixed as June 26, 2024.
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