Dee Development’s shares made a strong debut on the stock exchanges today, opening significantly higher than the issue price. On the NSE, Dee Development shares opened at Rs 339 per share, a 67% increase from the issue price of Rs 203. On the BSE, the shares opened at Rs 325 apiece, up 60.10% from the issue price.
DEE Development’s Rs 418-crore public issue saw overwhelming demand, being oversubscribed by 99.56 times on the final day of bidding. Qualified institutional buyers (QIBs) showed strong interest with a subscription of 201.91 times.
While non-institutional investors subscribed 144 times. Retail individual investors (RIIs) also participated actively, with their quota oversubscribed by 23.42 times.
Prior to the public issue, DEE Development raised over Rs 125 crore from anchor investors, which included notable names like Citigroup Global Markets Mauritius, Morgan Stanley Asia (Singapore) Pte, and Aurigin Master Fund.
During the public issue, DEE Development offered shares in the price range of Rs 193 to Rs 203 each, with 73 equity shares per lot and multiples thereafter. 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. As of now, Bansal holds a 74.74% stake in the company.
About 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 process sectors through comprehensive engineering, procurement, and manufacturing services. The company also manufactures piping products.
With six strategically located manufacturing facilities across Haryana, Gujarat, Rajasthan, and Thailand, DEE Development is recognized as the largest player in process piping solutions in India based on its installed capacity.
Financial Performance
For the nine-month period ending December 31, 2023, DEE Development reported a net profit of Rs 14.34 crore on a revenue of Rs 380.23 crore. In the full financial year 2022-23, the company achieved a net profit of Rs 12.97 crore with a revenue of Rs 614.32 crore.
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