Dee Development Engineers Raises Rs 125 Crore Ahead of IPO

Dee Development Engineers Ltd has raised over Rs 125 crore from anchor investors ahead of its initial public offering (IPO), which will open for subscription on June 19. The IPO comprises fresh equity issuance worth Rs 325 crore and an offer-for-sale of 45.82 lakh equity shares valued at Rs 93 crore.

Dee Development Engineers Ltd successfully secured over Rs 125 crore from anchor investors prior to its initial public offering (IPO), set to open for subscription on June 19 and close on June 21.

According to a circular on BSE's website, 61.63 lakh equity shares were allocated to 19 funds at Rs 203 each, totaling Rs 125.1 crore. Notable investors include Citigroup Global Markets Mauritius, Morgan Stanley Asia, and SBI General Insurance Company.

The IPO, valued at Rs 418 crore, comprises a fresh issuance of equity shares worth Rs 325 crore and an offer-for-sale of 45.82 lakh shares by promoter Krishan Lalit Bansal, who currently owns a 74.74% stake in the company. The funds raised will be partially used to pay off debt and fund working capital requirements.

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