Shares of Dee Development Engineers Ltd on Wednesday staged a solid debut on stock exchanges. The stock got listed at Rs 325 on BSE, a premium of 60.10 per cent over its issue price of 203 per share (upper band). Considering the listing price, the company commanded a market capitalisation (m-cap) of Rs 2,244.26 crore.
The stock has been admitted to dealings on the exchange in the list of 'B' group securities. It got listed at Rs 339 on NSE, up 67 per cent as against its IPO price.
The IPO of DEE Development Engineers was open for bidding between June 19 and June 21. The company had offered its shares in the fixed price band of Rs 193-203 per share with a lot size of 73 shares.
It raised around Rs 418 crore via its primary offering, which included a fresh share sale of Rs 325 crore and an offer-for-sale (OFS) of up to 45,82,000 equity shares.
The IPO garnered a strong response from investors. The issue was overall subscribed a stellar 99.56 times.
The quota for qualified institutional bidders (QIBs) was booked a whopping 201.91 times. The category for non-institutional investors (NIIs) was subscribed 144 times. The portions reserved for retail investors and employees saw bidding for 23.42 times and 44.73 times, respectively.
Founded in 1988, Faridabad-based DEE Development is an engineering company that provides specialised process piping solutions for oil and gas, power including nuclear, chemicals, and other process industries through engineering, procurement, and manufacturing, among others.
Equirus Capital and SBI Capital Markets were the book running lead managers of the IPO, while Link Intime India was the registrar for the issue.