New Delhi: The initial public offering of piping solutions provider DEE Development Engineers was fully subscribed on the first day of bidding on Wednesday and ended with 2.51 times subscription.
According to NSE data, bids were received for 3,74,51,044 shares against 1,49,44,944 shares on offer in the initial share sale worth Rs 418 crore.
The non-institutional investors portion was subscribed 5.29 times, while the retail individual investors (RII) category was subscribed 2.67 times. The qualified institutional buyers (QIB) category received 2 per cent subscription.
The initial public offering (IPO) proposes a fresh issue of up to Rs 325 crore and sale of 45,82,000 equity shares.The price range for the offer has been fixed at Rs 193-203 per share.
D Development Engineers Ltd on Tuesday said it has raised a little over Rs 125 crore from anchor investors.
Of the fresh issue proceeds of Rs 325 crore, Rs 175 crore will be used for repayment of debt, Rs 75 crore for funding working capital requirements and the remaining Rs 75 crore for general corporate purposes.
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, of which three are in Palwal in Haryana, one each in Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand.The company's customers include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Energy Limited and Toshiba JSW Power Systems.
SBI Capital Markets and Equirus Capital are the managers of the offer.
The shares of the engineering company will be listed on BSE and NSE.
According to NSE data, bids were received for 3,74,51,044 shares against 1,49,44,944 shares on offer in the initial share sale worth Rs 418 crore.
The non-institutional investors portion was subscribed 5.29 times, while the retail individual investors (RII) category was subscribed 2.67 times. The qualified institutional buyers (QIB) category received 2 per cent subscription.
The initial public offering (IPO) proposes a fresh issue of up to Rs 325 crore and sale of 45,82,000 equity shares.The price range for the offer has been fixed at Rs 193-203 per share.
D Development Engineers Ltd on Tuesday said it has raised a little over Rs 125 crore from anchor investors.
Of the fresh issue proceeds of Rs 325 crore, Rs 175 crore will be used for repayment of debt, Rs 75 crore for funding working capital requirements and the remaining Rs 75 crore for general corporate purposes.
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, of which three are in Palwal in Haryana, one each in Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand.The company's customers include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Energy Limited and Toshiba JSW Power Systems.
SBI Capital Markets and Equirus Capital are the managers of the offer.
The shares of the engineering company will be listed on BSE and NSE.
