DEE Development Engineers raises ₹125 crore from anchor issue ahead of IPO - Hindustan Times
close_game
close_game

DEE Development Engineers raises 125 crore from anchor issue ahead of IPO

PTI |
Jun 18, 2024 10:38 PM IST

The ₹418-crore initial public offering (IPO) will open for subscription on June 19 and conclude on June 21.

Piping solutions provider Dee Development Engineers Ltd on Tuesday said it has mobilised a little over 125 crore from anchor investors ahead of its initial share-sale.

According to a circular uploaded on BSE'S website, the company has allotted 61.63 lakh equity shares to 19 funds at <span class='webrupee'>₹</span>203 apiece, aggregating to <span class='webrupee'>₹</span>125.1 crore.
According to a circular uploaded on BSE'S website, the company has allotted 61.63 lakh equity shares to 19 funds at 203 apiece, aggregating to 125.1 crore.

The 418-crore initial public offering (IPO) will open for subscription on June 19 and conclude on June 21.

According to a circular uploaded on BSE'S website, the company has allotted 61.63 lakh equity shares to 19 funds at 203 apiece, aggregating to 125.1 crore.

Citigroup Global Markets Mauritius, Morgan Stanley Asia (Singapore) Pte, Aurigin Master Fund, Pinebridge Global Funds, SBI General Insurance Company, are among the funds who have been allocated shares.

In addition, Kotak Mahindra Mutual Fund, LIC Mutual Fund, HDFC Mutual Fund and Aditya Birla Sun Life Mutual Fund have been allocated shares in the anchor round.

The initial share sale comprises fresh issuance of equity shares worth 325 crore and an offer-for-sale of 45.82 lakh equity shares valued at 93 crore by promoter and CMD Krishan Lalit Bansal at the upper-end of the price band. This takes the IPO size to 418 crore.

Read more: Falcon Technoprojects India IPO opens on June 19: What you must know the issue in 10 points

Currently, Bansal owns a 74.74 per cent stake in the company.

Shares will be available for subscription at the price range of 193 to 203 apiece in the IPO.

Of 325 crore proceeds, 175 crore will be used for payment of debt, 75 crore for funding the working capital requirements, and the remaining 75 crore will be used for general corporate purposes.

Dee Developments is an engineering company, providing specialised process piping solutions for industries like oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.

At present, the company has seven manufacturing facilities, with three at Palwal in Haryana, one each at Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand.

Read more: Bumper market debut: Ixigo shares debut at 49% premium to IPO price

The company's customers include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Energy Ltd and Toshiba JSW Power Systems.

SBI Capital Markets and Equirus Capital are the merchant bankers to manage the company's maiden public issue.

Equity shares of the engineering company will be listed on the BSE and NSE.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes and much more on a one stop destination.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Saturday, July 20, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On