- By Aditya Pratap Singh
- Wed, 26 Jun 2024 10:51 AM (IST)
- Source:JND
DEE Development Engineers IPO Listing: The stock of DEE Development Engineers made a strong debut on the stock market on Wednesday as the shares were listed at a remarkable premium of 67 percent on the exchanges. On the NSE, DEE Development shares were listed at Rs 339 per share over the issue price of Rs 203.
It was estimated that the listing price could be around INR 300-320 per share, however, DEE Development's IPO listing was stronger than stock market expectations.
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DEE Development Engineers is one of the major players in pipe processing 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 specialist piping solutions provider DEE Development Engineers Ltd opened for subscription on June 19 and closed on June 21.
The company raised Rs 418.01 crore from the IPO, which was a combination of a fresh issue of equity shares worth Rs 325 crore, and an offer-for-sale (OFS) component of 46 lakh shares aggregating Rs 93.01 crore. The price band for DEE Development's IPO was set at Rs 193 to Rs 203 per share. The allotment of shares was completed on June 24, and the listing date is June 26.
The Company proposes to use the net proceeds of the issue to finance working capital requirements, prepayment or repayment of all or part of certain outstanding borrowings, and for general corporate purposes. DEE Development's IPO received strong investor demand with the issue being subscribed 99.56 times in total.
