Dee Development eyes Rs418 cr via IPO
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New Delhi: Piping solutions provider Dee Development Engineers Ltd on Wednesday said it is looking to raise Rs418 crore through its initial share sale, which will open for public subscription on June 19.The issue, with a price band of Rs193-203 apiece, will conclude on June 21.
The bidding for anchor investors will open for a day on June 18. The initial share sale comprises fresh issuance of equity shares worth Rs325 crore and an offer for sale of 45.82 lakh equity shares valued at Rs93 crore by promoter and CMD Krishan Lalit Bansal at the upper end of the price band. This takes the IPO size to Rs418 crore.
Currently, Bansal owns a 74.74 per cent stake in the company. Of Rs325 crore proceeds, Rs175 crore will be used for payment of debt, Rs75 crore for funding the working capital requirements, and the remaining 75 crore will be used for general corporate purposes, the company’s CFO Sameer Agarwal told PTI in an interaction.
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
