Dee Development Engineers Ltd Eyes Rs 418 Crore Through IPO

Dee Development Engineers Ltd is set to raise Rs 418 crore via an initial share sale, commencing on June 19. The IPO includes fresh equity worth Rs 325 crore and an offer for sale by the promoter. Proceeds will be used for debt repayment, working capital, and corporate purposes. The shares will list on BSE and NSE.

Piping solutions provider Dee Development Engineers Ltd aims to raise Rs 418 crore through an initial public offering (IPO), starting June 19.

The IPO, with a price band of Rs 193-203 per share, closes on June 21. The anchor investors' bidding starts on June 18.

The share sale comprises a fresh issue of equity shares worth Rs 325 crore and an offer for sale of 45.82 lakh equity shares by promoter and CMD Krishan Lalit Bansal, valued at Rs 93 crore at the top end of the price band. This elevates the IPO size to Rs 418 crore. Bansal currently holds a 74.74% stake in the company.

Of the Rs 325 crore proceeds, Rs 175 crore will be allocated for debt repayment, Rs 75 crore for working capital, and Rs 75 crore for general corporate purposes, according to CFO Sameer Agarwal.

Half of the IPO is reserved for qualified institutional buyers (QIBs), 35% for retail investors, and 15% for non-institutional investors. Investors can bid for a minimum of 73 equity shares and in multiples thereof.

Dee Development Engineers Ltd, which specializes in process piping solutions for industries such as oil and gas, power, and chemicals, operates seven manufacturing facilities across India and one in Thailand.

SBI Capital Markets and Equirus Capital are the merchant bankers for the IPO, with shares set to list on BSE and NSE.