DEE Piping Systems opened for bidding to retain investors on June 19 at a set price band of Rs 193 to Rs 203 per equity share. The company wants to collect a total of Rs 418 crore. The IPO has two segments: offer for sale and fresh shares.
Issue Size
The company will raise Rs 325 crore through offering 16 million fresh shares and Rs 4.6 million shares will be sold by promoters and other selling shareholders to aggregate Rs 93 crore.
Allotment and Listing
The issue of DEE Piping Systems will close on June 21. A retail investor can subscribe to a minimum of one lot containing 73 shares, which is valued at Rs 14,819. The allotment of shares is expected to be finalised by June 24. The listing of the issue is tentatively scheduled on both the bourses – NSE and BSE – on June 26.
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About DEE Piping Systems
DEE Development Engineers (DEE) is an engineering company that provides process piping solutions (largest domestic player in terms of installed capacity) for industries such as oil & gas, power (including nuclear), chemicals, and other process industries through engineering, procurement, and manufacturing. The company has 7 strategically located manufacturing facilities, with one located overseas in Thailand, with revenues spanning both domestic and international clients such as Reliance Industries, Toshiba, and UOP India Private Ltd., to name a few.
BRLMs
The book-built issue is being handled by SBI Capital Markets and Equirus Capital with Link Intime India as the registrar.
Expert’s take on IPO
“DEE’s being a first generation entrepreneur with three decades of experience, and strong management team holding respective backgrounds, deleveraging its financial flexibility are the added advantages. DEE’s increasing focus on high-margin products with additional contributions from modular skids and usage of high-grade materials, forging technology tie-ups with select global OEMs to derive consistent order flow to become a preferred partner for its clients for the next few years. Hence, we recommend a “Subscribe” to the issue,” said Reliance Securities in an IPO note.