DEE Development Engineers IPO Skyrockets with 98.98 Times Subscription on Final Day

DEE Development Engineers' IPO saw a phenomenal 98.98 times subscription on its final day. The Rs 418 crore offer attracted bids for 1,47,92,58,933 shares against 1,49,44,944 on offer. The allocation for Qualified Institutional Buyers was oversubscribed by 201.91 times, while non-institutional investors and retail investors saw 143.43 and 22.52 times subscriptions, respectively.

DEE Development Engineers Ltd's initial public offering (IPO) saw unprecedented interest, being subscribed 98.98 times by the close of its final day.

The Rs 418-crore offering garnered bids for an astounding 1,47,92,58,933 shares compared to the 1,49,44,944 shares available, according to NSE data.

Subscriptions from Qualified Institutional Buyers (QIBs) topped the charts at 201.91 times, while non-institutional investors and retail individual investors subscribed 143.43 and 22.52 times, respectively.

The IPO features a fresh issue up to Rs 325 crore and an offer for sale of 45,82,000 equity shares, with a price band of Rs 193-203 per share.

Earlier, Dee Development Engineers raised over Rs 125 crore from anchor investors.

The company plans to allocate Rs 175 crore from fresh proceeds for debt repayment, Rs 75 crore for working capital, and the remaining Rs 75 crore for general corporate purposes.

DEE Development Engineers, a key player in specialized process piping solutions, serves industries such as oil and gas, power, and chemicals, among others.

Operating seven manufacturing facilities across India and Thailand, its clientele includes giants like JGC Corporation, Nooter Eriksen, and Reliance Industries.

The IPO, managed by SBI Capital Markets and Equirus Capital, will see shares listed on the BSE and NSE.

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