DEE Development Engineers IPO booked 2.51x on Day 1; retail, NII fully subscribed. Check GMP, subscription status

  • DEE Development Engineers IPO had a successful first day of bidding, attracting strong interest from retail and non-institutional investors. Subscription status stood at 2.51x.

Dhanya Nagasundaram
First Published19 Jun 2024, 12:48 PM IST
Dee Development IPO price band has been fixed in the range of  <span class='webrupee'>₹</span>193 to  <span class='webrupee'>₹</span>203 per equity share of the face value of  <span class='webrupee'>₹</span>10.
Dee Development IPO price band has been fixed in the range of ₹193 to ₹203 per equity share of the face value of ₹10. (www.deepiping.com/)

DEE Development Engineers IPO kicked off the first day of bidding with a great deal of response from retail and non-institutional investors, and both portions were fully booked within a few hours of the opening. DEE Development IPO subscription status was 2.51 times, as per BSE data. 

The quota for Retail Individual Investors (RIIs) has received 2.68 times subscription while Non Institutional Investors(NIIS) category got subscribed 5.29 times. The portion for Qualified Institutional Buyers (QIBs) is booked 2%. The employee portion has been booked 7.06 times. 

The initial share sale received bids for 3,74,89,734 shares against 1,49,44,944 shares on offer, as per BSE data.

Also Read: Dee Development Engineers IPO: GMP, review, subscription status, other details. Apply or not?

The engineering company, Dee Development IPO price band has been fixed in the range of 193 to 203 per equity share of the face value of 10. The subscription period will end on Friday, June 21. Bids can be made for a minimum of 73 equity shares and in multiples of 73 equity shares thereafter.

Dee Development IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. A discount of 19 per equity share is being offered to eligible employees bidding in the employee reservation portion.

DEE Development Engineers said on Tuesday, June 18, that it had raised more than 125 crore from anchor investors.

Dee Development Engineers is an engineering business that specialises in engineering, procurement, and manufacturing of process pipes for industries such as oil and gas, power (including nuclear), chemicals, and others. With over three and a half decades of manufacturing experience, the company has efficiently grown its business by using its brand, strategically located production facilities, and engineering capabilities.

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

Dee Development Engineers IPO details

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

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

The firm intends to use the net proceeds from the new issuance to meet the following objectives: the company's working capital requirements ( 75 crore); the prepayment or repayment of all or a portion of certain outstanding borrowings obtained by the company ( 175 crore); and general corporate purposes.

SBI Capital Markets Limited and Equirus Capital Private Limited are the book-running lead managers for the DEE Piping Systems IPO, with Link Intime India Private Ltd serving as the registrar.

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

DEE Development Engineers IPO GMP today

DEE Development IPO GMP today is +80. This indicates DEE Development Engineers share price were trading at a premium of 80 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, DEE Development IPO expected listing price was indicated at 283 apiece, which is 39.41% higher than the IPO price of 203.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:19 Jun 2024, 12:48 PM IST
HomeMarketsIPODEE Development Engineers IPO booked 2.51x on Day 1; retail, NII fully subscribed. Check GMP, subscription status

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