DEE Development Engineers IPO Subscribed 8.99 Times on Second Day

The IPO of DEE Development Engineers, a piping solutions provider, was subscribed 8.99 times on its second day. The share sale received significant interest from non-institutional and retail investors. The IPO includes a fresh issue of Rs 325 crore and an offer for sale of 45,82,000 equity shares, priced between Rs 193-203.

The initial public offering of DEE Development Engineers saw an overwhelming response, getting subscribed 8.99 times by the second day of subscription on Thursday, according to NSE data.

The Rs 418 crore IPO received bids for 13,42,84,887 shares against an available 1,49,44,944 shares. Non-institutional investors showed significant interest, subscribing 21.71 times, while retail individual investors subscribed 8.41 times. Qualified Institutional Buyers (QIBs) subscribed at 16 percent.

The IPO consists of a fresh issue of Rs 325 crore and an offer for sale of up to 45,82,000 equity shares, with a price band between Rs 193-203 per share. DEE Development Engineers has mobilised over Rs 125 crore from anchor investors.

The proceeds from the fresh issue will be allocated towards debt repayment (Rs 175 crore), working capital (Rs 75 crore), and general corporate purposes (Rs 75 crore).

DEE Development Engineers, known for specialised process piping solutions for various industries, operates seven manufacturing facilities across India and Thailand. The firm's distinguished clientele includes JGC Corporation, Mitsubishi Heavy Industries, and Reliance Industries, among others. SBI Capital Markets and Equirus Capital are managing the offer, with shares slated to list on BSE and NSE.

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