Dee Development Engineers Limited IPO to Open on June 19, 2024

 

National: "Dee Development Engineers Limited" ("Dee Piping" or "The Company") is set to launch its Initial Public Offering (IPO) on Wednesday, June 19, 2024. The IPO will feature a price band of ₹193 to ₹203 per equity share, with a face value of ₹10 each. Eligible employees are offered a discount of ₹19 per share in the employee reservation portion.

The bid/offer period will open on Wednesday, June 19, 2024, and close on Friday, June 21, 2024, with the Anchor Investor Bidding Date scheduled for Tuesday, June 18, 2024. Investors can bid for a minimum of 73 equity shares and in multiples of 73 equity shares thereafter.

The IPO comprises a fresh issue of equity shares aggregating up to ₹3,250 million and an offer for sale of up to 4,582,000 equity shares by the promoter selling shareholder, Krishan Lalit Bansal. Additionally, there is a reservation for eligible employees, aggregating up to ₹10 million (₹1 crore).

The company intends to utilize the net proceeds from the fresh issue towards funding working capital requirements estimated at ₹750 million in Fiscal 2025, prepayment or repayment of certain outstanding borrowings estimated at ₹1,750 million in Fiscal 2025, and general corporate purposes.

The equity shares are being offered through the Red Herring Prospectus dated June 11, 2024, filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana at New Delhi. The shares are proposed to be listed on the BSE Limited and the National Stock Exchange of India Limited, with NSE being the designated stock exchange.

Investors can look forward to the subscription opening on June 19, with Dee Piping aiming to raise significant capital to support its growth and financial restructuring plans.