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Piping solutions provider Dee Development’s Rs.418-Cr IPO subscribed 99 times

Business Standard  

The initial public offer of Palwal, Haryana-headquartered piping solutions provider DEE Development Engineers got subscribed 98.98 times. The INR 418 crore initial share sale got bids for 1,47,92,58,933 shares against 1,49,44,944 shares on offer.The portion for Qualified Institutional Buyers (QIBs) received 201.91 times subscription while the category for Non-Institutional Investors (NIIs) got subscribed 143.43 times. The part for Retail Individual Investors (RIIs) received 22.52 times subscription.The Initial Public Offer (IPO) has a fresh issue of INR 325 crore and an offer for sale of 45,82,000 equity shares. The price range for the offer was INR 193-203 per share.Dee Development Engineers Ltd had mobilised a little over INR 125 crore from anchor investors.Dee Development provides specialised process piping solutions for industries like oil and gas, power (including nuclear), and chemicals through engineering, procurement and manufacturing.

In Aug-15, Dee had raised over USD 44 M from Carlyle.