New Delhi: Piping solutions provider D Development Engineers Ltd on Wednesday said it plans to raise Rs 418 crore through its initial share sale, which will open for public subscription on June 19.
The issue will close on June 21 with a price band of Rs 193-203. Bidding for anchor investors will open for one day on June 18.
The initial share sale comprises issuance of fresh equity shares worth Rs 325 crore and offer for sale of 45.82 lakh equity shares worth Rs 93 crore at the upper end of the price band by promoter and CMD Krishna Lalit Bansal. This takes the size of the IPO to Rs 418 crore.Currently, Bansal holds 74.74 percent stake in the company.
Of the Rs 325 crore income, Rs 175 crore will be used to repay loans, Rs 75 crore to finance working capital requirements and the remaining Rs 75 crore for general corporate purposes, company CFO Sameer Aggarwal said in an interaction. Will be done for.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Additionally, investors can bid for a minimum of 73 equity shares and multiples thereof.
D Developments is an engineering company that provides specialized process piping solutions to industries such as oil and gas, power (including nuclear), chemical and other process industries through engineering, procurement and manufacturing.Currently, the company has seven manufacturing facilities, three of which are in Palwal in Haryana, one each in Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand, Bansal said.
He said the company's customers include JGC Corporation, Nueter Ericsson, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCL-Mittal Energy Ltd and Toshiba JSW Power Systems.
SBI Capital Markets and Equirus Capital are the merchant bankers managing the company's maiden public offering. The equity shares of the engineering company will be listed on BSE and NSE.
The issue will close on June 21 with a price band of Rs 193-203. Bidding for anchor investors will open for one day on June 18.
The initial share sale comprises issuance of fresh equity shares worth Rs 325 crore and offer for sale of 45.82 lakh equity shares worth Rs 93 crore at the upper end of the price band by promoter and CMD Krishna Lalit Bansal. This takes the size of the IPO to Rs 418 crore.Currently, Bansal holds 74.74 percent stake in the company.
Of the Rs 325 crore income, Rs 175 crore will be used to repay loans, Rs 75 crore to finance working capital requirements and the remaining Rs 75 crore for general corporate purposes, company CFO Sameer Aggarwal said in an interaction. Will be done for.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Additionally, investors can bid for a minimum of 73 equity shares and multiples thereof.
D Developments is an engineering company that provides specialized process piping solutions to industries such as oil and gas, power (including nuclear), chemical and other process industries through engineering, procurement and manufacturing.Currently, the company has seven manufacturing facilities, three of which are in Palwal in Haryana, one each in Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand, Bansal said.
He said the company's customers include JGC Corporation, Nueter Ericsson, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCL-Mittal Energy Ltd and Toshiba JSW Power Systems.
SBI Capital Markets and Equirus Capital are the merchant bankers managing the company's maiden public offering. The equity shares of the engineering company will be listed on BSE and NSE.
