DEE Development Engineers IPO Oversubscribed by 2.51 Times on Day One

The initial public offering (IPO) of DEE Development Engineers was fully subscribed on the first day, receiving bids 2.51 times the available shares. The Rs 418 crore IPO includes a fresh issue of Rs 325 crore. Proceeds will be used for debt repayment, working capital, and corporate purposes.

The initial public offering (IPO) of piping solutions provider DEE Development Engineers witnessed robust demand, being fully subscribed on the first day with a subscription rate of 2.51 times, according to NSE data.

The Rs 418 crore IPO received 3,74,51,044 bids against an offer of 1,49,44,944 shares. Non-institutional investors showed significant interest with a 5.29 times subscription, while retail investors subscribed 2.67 times. Qualified Institutional Buyers (QIBs) registered a 2 per cent subscription.

The IPO comprises a fresh issue worth Rs 325 crore and an offer for sale involving 45,82,000 equity shares. DEE mobilised over Rs 125 crore from anchor investors ahead of the public offer, with shares priced between Rs 193-203 each.

DEE plans to allocate Rs 175 crore from the fresh issue to debt repayment, Rs 75 crore for working capital, and the remaining Rs 75 crore for general corporate purposes. The company, specializing in process piping solutions for industries such as oil and gas and power, has seven manufacturing facilities, including locations in India and Thailand.

Prominent customers such as JGC Corporation and Reliance Industries highlight DEE Development Engineers' industry standing. SBI Capital Markets and Equirus Capital are the IPO managers, and the shares will be listed on the BSE and NSE.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)