DEE Development Engineers IPO: Engineering firm raises ₹125 crore from anchor investors ahead of public issue

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DEE Development Engineers said on Tuesday that it has raised over 125 crore from anchor investors ahead of the launch of its initial public offering (IPO) on Wednesday, June 19.

According to the exchange filing, the engineering company allocated 61,62,777 equity shares to anchor investors at the allocation price of 203 per share.

Also read: Dee Development Engineers IPO: Price band set at 193-203 per share; check issue details, key dates, more

“The Board of Directors of the Company at their meeting held on Tuesday, June 18, 2024, in consultation with the Book Running Lead Managers to the Offer, has finalized allocation of 61,62,777 Equity Shares, to Anchor Investors at Anchor Investor allocation price of Rs. 203 per Equity Share,” the company said.

HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, LIC MF Large, SBI General Insurance, Morgan Stanely Asia were among the marquee companies who participated the anchor book round.

Out of the allocation of 61,62,777 equity shares to the Anchor Investors, 26,61,210 Equity Shares (i.e. 43.18% of the total allocation to Anchor Investors) were allotted to 4 domestic mutual funds who have applied through a total of 9 schemes.

Dee Development Engineers IPO details

The engineering company will open for subscription on Wednesday, June 19, and close on Friday, June 21. The price band for Dee Development’s IPO has been set between 193 and 203 per equity share, each with a face value of 10.

The Dee Development IPO, valued at 418 crore, includes a fresh issue of 325 crore and an offer-for-sale (OFS) of 4,582,000 equity shares by the promoter Krishan Lalit Bansal.

Also read: DEE Piping Systems IPO: Price band, latest GMP, lot size among 10 key things to know before issue opens

The company’s promoters include Krishan Lalit Bansal, Ashima Bansal, and DDE Piping Components Private Limited.

The Dee Development IPO has allocated up to 50 per cent of the shares for qualified institutional buyers (QIB), at least 15% for non-institutional investors (NII), and at least 35% for retail investors. Eligible employees bidding in the employee reservation portion are offered a discount of 19 per equity share.

Dee Development Engineers is an engineering firm specializing in process pipe solutions for industries such as oil and gas, electricity (including nuclear), chemicals, and others, through its engineering, procurement, and manufacturing services. With over 35 years of manufacturing expertise, the firm has successfully expanded its business by leveraging its brand, strategically located production facilities, and engineering capabilities.

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Published: 18 Jun 2024, 10:18 PM IST

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