Dee Development Engineers Ltd, a leading provider of piping solutions, has launched its initial public offering (IPO) today.
Here are the key details you need to know:
IPO Size and Dates: The Rs 418-crore IPO opens for subscription today, June 19, and will close on June 21.
Anchor Investors: Ahead of the IPO, the company mobilised over Rs 125 crore from anchor investors by allotting 61.63 lakh equity shares at Rs 203 apiece.
Anchor Investors Include:
Citigroup Global Markets Mauritius
Morgan Stanley Asia (Singapore) Pte
Aurigin Master Fund
Pinebridge Global Funds
SBI General Insurance Company
Kotak Mahindra Mutual Fund
LIC Mutual Fund
HDFC Mutual Fund
Aditya Birla Sun Life Mutual Fund
IPO Structure
The IPO consists of:
Fresh Equity Shares: Issuance worth Rs 325 crore.
Offer-for-Sale: 45.82 lakh equity shares valued at Rs 93 crore by promoter and CMD Krishan Lalit Bansal.
Currently, Bansal holds a 74.74% stake in the company. Shares will be offered at a price range of Rs 193 to Rs 203 apiece.
Utilization of Proceeds
The company plans to use the Rs 325 crore proceeds as follows:
Debt Repayment: Rs 175 crore.
Working Capital Requirements: Rs 75 crore.
General Corporate Purposes: Rs 75 crore.
Company Overview
Dee Development Engineers Ltd specializes in process piping solutions for various industries including:
Oil and Gas
Power (including Nuclear)
Chemicals
Other Process Industries
Manufacturing Facilities
The company operates seven manufacturing facilities:
Haryana: Three facilities in Palwal.
Gujarat: One facility in Anjar.
Rajasthan: One facility in Barmer.
Assam: One facility in Numaligarh.
Thailand: One facility in Bangkok.
Major Clients
Dee Development Engineers Ltd serves prominent clients such as:
JGC Corporation
Nooter Eriksen
MAN Energy Solutions SE
Mitsubishi Heavy Industries
John Cockerill SA
Reliance Industries
HPCL-Mittal Energy Ltd
Toshiba JSW Power Systems
Listing and Management
Listing: The equity shares will be listed on the BSE and NSE.
Merchant Bankers: SBI Capital Markets and Equirus Capital are managing the company’s public issue.
For investors interested in the engineering sector, Dee Development Engineers Ltd’s IPO offers an opportunity to invest in a company with a strong client base and extensive industry experience.
