DEE Development Engineers Limited IPO was Subscribed 1.27x on Day 1

The piping solutions company DEE Development Engineers Limited IPO (DEE Piping Systems IPO) opened for subscription on June 19, 2024, and will close on June 21, 2024. The DEE Piping Systems IPO is a book-built issue of ₹418.01 crores. It is a combination of a fresh issue of 1.6 crore shares aggregating to ₹325.00 crores and an offer for sale of 0.46 crore shares aggregating to Rs 93.01 crores.

DEE Development Engineers Limited has appointed SBI Capital Markets Limited and Equirus Capital Private Limited as the book-running lead managers, while Link Intime India Private Ltd is the registrar for the issue.

Day Wise Subscription

On the 1st day of subscription, i.e., June 19, 2024, DEE Piping Systems IPO was subscribed 1.27x. QIBs subscribed 0.01x, NIIs 2.26x, and retail investors subscribed 1.52x

Grey Market Premium

The last GMP for DEE Development Engineers IPO is ₹83. With a price band of ₹203.00, the estimated listing price is ₹286 (cap price + today’s GMP). The expected percentage gain/loss per share is 40.89%.

About DEE Development Engineers Limited

Incorporated in 1988, DEE Development Engineers Limited is an engineering company that provides specialised process piping solutions for oil and gas, power (including nuclear), chemicals, and other process industries through engineering, procurement, and manufacturing.

The company also manufactures and supplies piping products, including high-pressure piping systems, piping spools, high-frequency induction pipe bends, longitudinally submerged arc welding pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids, and accessories. These accessories include boiler superheater coils, de-superheaters, and other customised manufactured components.

The company has 7 manufacturing facilities in Palwal, Haryana; Anjar, Gujarat; Barmer, Rajasthan; Numaligarh, Assam; and Bangkok, Thailand, with 3 manufacturing facilities located in Palwal, Haryana.

The company’s manufacturing facilities had a cumulative installed capacity of 70,875 MT for the nine months ended December 31, 2023, with annual capacities of 94,500 MT, 91,500 MT, and 86,500 MT for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.