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Dee Development Engineers' shares surged on their stock market debut, opening at Rs 339 per share on the NSE, marking a 67% increase from the issue price of Rs 203. On the BSE, the shares opened at Rs 325 each, up 60.10% from the issue price.
The company's Rs 418-crore public issue experienced overwhelming demand, being oversubscribed by 99.56 times on the final day of bidding.
Qualified institutional buyers (QIBs) subscribed 201.91 times, non-institutional investors 144 times, and retail individual investors (RIIs) 23.42 times. Prior to the public issue, DEE Development raised over Rs 125 crore from anchor investors, including Citigroup Global Markets Mauritius, Morgan Stanley Asia (Singapore) Pte, and Aurigin Master Fund.
During the public issue, shares were offered in the price range of Rs 193 to Rs 203 each, with 73 equity shares per lot. The offer included a fresh equity sale of up to Rs 325 crore and an offer-for-sale (OFS) of up to 45.82 lakh equity shares, aggregating up to Rs 93 crore, by promoter Krishan Lalit Bansal, who currently holds a 74.74% stake in the company.
DEE Development Engineers specializes in providing tailored process piping solutions for industries such as oil and gas, power (including nuclear), chemicals, and other sectors through comprehensive engineering, procurement, and manufacturing services. The company also manufactures piping products. It operates six manufacturing facilities across Haryana, Gujarat, Rajasthan, and Thailand, making it the largest player in process piping solutions in India based on installed capacity.
For the nine-month period ending December 31, 2023, DEE Development reported a net profit of Rs 14.34 crore on revenue of Rs 380.23 crore. For the full financial year 2022-23, the company achieved a net profit of Rs 12.97 crore with revenue of Rs 614.32 crore.
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