DEE Development Engineers Ltd. initial public offering was fully subscribed on its first day. The maiden share sale, launched Wednesday, is expected to raise up to Rs 418 crore. The IPO consists of a fresh issue of Rs 325 crore or 1.6 crore shares and an offer-for-sale of 0.46 crore shares amounting to Rs 93 crore.
The issue will open on June 19, Wednesday, and closes on June 21, Friday. The price band is set from Rs 193 to Rs 203 per share.
The minimum lot size for retail investors is 73 shares, requiring an investment of at least Rs 14,819. For small non-institutional investors, the minimum lot size is 14, amounting to Rs 2.07 lakh. The minimum lot size for big non-institutional investors is 67, totaling over Rs 10 lakh, according to the red herring prospectus.
Ahead of Wednesday's initial public offering, the piping solutions provider raised Rs 125 crore from anchor investors ahead of its initial public offering. The company allotted 61.6 lakh shares at Rs 203 apiece to 19 anchor investors.
Two funds backed by HDFC Mutual Fund and Kotak Mutual Fund got the highest allocation of 11.99%. An affiliate of American asset management firm, PineBridge Investments secured 10.01% of the allocation. Natixis Investment Managers, Troo Capital, and SBI General Insurance Co. are among the other marquee investors in the pre-IPO round fundraising.
Issue Details
Issue opens: June 19.
Issue closes: June 21.
Issue price: Rs 193 to Rs 203 per share.
Fresh issue: Rs 325 crore.
Offer for sale: Rs 93 crore.
Total issue size: Rs 418 crore.
Bid lot: 73 shares.
Listing: BSE and NSE.
Business
DDEL is a company that manufactures and supplies specialised process piping solutions for sectors like oil and gas, power, and chemicals. It manufactures piping products, like high-pressure piping systems, piping spools, and high-frequency induction pipe bends. The engineering company has seven manufacturing facilities, including one in Bangkok and three in Palwal, Haryana. It has also recently expanded into a new business vertical.
Krishan Bansal, Ashima Bansal, and DDE Piping Components Private Limited are the promoters of the company.
Financials
Between fiscals 2021 and 2023, DDEL's revenue from operations grew at a compound annual growth rate of 9.66%, reaching Rs 595.5 crore. The company posted a profit of Rs 12.97 crore in the year ended March 2023.
Subscription Status: Day 1
The IPO has been subscribed 2.51 times as of 5:00 p.m. on Wednesday.
Institutional investors: 0.02
Non-institutional investors: 5.29 times.
Retail investors: 2.68 times.
Employee reserved: 7.05 times
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