DEE Development Engineers shares list with strong premium of 67% at ₹339 apiece on NSE

DEE Development Engineers IPO Listing: DEE Development Engineers share price made a strong stock market debut on Wednesday as the stock was listed with a decent premium on the exchanges. On NSE, DEE Development shares were listed at ₹339 apiece, a premium of 67% to the issue price of ₹203 per share.

DEE Development shares were listed with 60.10% premium at ₹325 apiece on BSE.

DEE Development IPO listing was stronger than stock market expectations as analysts estimated listing price to be around ₹300 to 320 per share.

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DEE Development Engineers is one of the key players in process piping solutions in India, in terms of installed capacity, with a strong focus on automation and process excellence to drive operational efficiencies and offerings to its customers. 

The initial public offering (IPO) of specialized process piping solutions provider DEE Development Engineers Ltd opened for subscription on June 19 and ended on June 21. 

The company raised ₹418.01 crore from the IPO which was a combination of fresh issue of 1.6 crore equity shares aggregating to ₹325 crore and offer for sale (OFS) component of 46 lakh shares aggregating to ₹93.01 crore.

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DEE Development IPO price band was set at ₹193 to ₹203 per share. The IPO allotment was finalized on June 24, and the IPO listing date is June 26.

The company proposes to utilise the net issue proceeds to fund working capital requirements, prepay or repay all or a portion of certain outstanding borrowings and for general corporate purposes.

DEE Development IPO received strong demand from investors as the issue was subscribed 99.56 times in total.

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The IPO was subscribed 23.42 times in the retail category, 201.91 times in Qualified Institutional Buyers (QIB) category, and 144 times in the Non Institutional Investors (NII) category.

SBI Capital Markets and Equirus Capital Pvt Ltd are the book running lead managers of the DEE Piping Systems IPO, while Link Intime India Private Ltd is the IPO registrar.

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