DEE Development Engineers' IPO Sees Staggering 99.56x Subscription

DEE Development Engineers' IPO garnered a remarkable 99.56 times subscription on its final day, highlighting significant interest from various investor categories. The Rs 418-crore IPO set aside Rs 175 crore for debt repayment, with the rest allocated for working capital and corporate purposes. The shares will be listed on BSE and NSE.

DEE Development Engineers' initial public offering (IPO) saw an exceptional 99.56 times subscription on the final day of bidding, underscoring robust demand from a range of investors.

According to NSE data, the Rs 418-crore IPO drew bids for 148,78,81,693 shares against an offering of 1,49,44,944 shares. Qualified institutional buyers (QIBs) led the charge with a notable 201.91 times subscription, while non-institutional investors subscribed 144 times. Retail individual investors (RIIs) followed, subscribing 23.42 times.

The IPO comprised a fresh issuance totaling Rs 325 crore and an offer for sale of up to 45,82,000 equity shares, priced between Rs 193 and Rs 203 per share. Dee Development mobilized slightly over Rs 125 crore from anchor investors prior to this.

From the Rs 325 crore fresh issue, Rs 175 crore is allocated for debt repayment. In addition, Rs 75 crore is earmarked for working capital, and the remaining Rs 75 crore will support general corporate activities. Dee Development Engineers, a leader in specialized process piping solutions, operates seven manufacturing facilities and maintains an impressive clientele, including JGC Corporation and Mitsubishi Heavy Industries.

SBI Capital Markets and Equirus Capital are overseeing the IPO, with shares set to list on both the BSE and NSE.

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