The preliminary public provide of piping options supplier DEE Improvement Engineers obtained subscribed 98.98 instances on the final day of subscription on Friday.

The Rs 418 crore preliminary share sale obtained bids for 1,47,92,58,933 shares towards 1,49,44,944 shares on provide, based on NSE information.

The portion for Certified Institutional Consumers (QIBs) acquired a whopping 201.91 instances subscription whereas the class for non-institutional traders obtained subscribed 143.43 instances. The half for Retail Particular person Buyers (RIIs) acquired 22.52 instances subscription.

The Preliminary Public Supply (IPO) has a recent situation of as much as Rs 325 crore and a suggestion on the market of as much as 45,82,000 fairness shares.

The value vary for the provide is Rs 193-203 per share.

Dee Improvement Engineers Ltd on Tuesday mentioned it has mobilised just a little over Rs 125 crore from anchor traders.

 

Of the Rs 325 crore recent situation proceeds, Rs 175 crore can be used for fee of debt, Rs 75 crore for funding working capital necessities, and the remaining Rs 75 crore can be used for basic company functions.

Dee Improvement is an engineering firm, offering specialised course of piping options for industries like oil and gasoline, energy (together with nuclear), chemical compounds and different course of industries by engineering, procurement and manufacturing.

At current, the corporate has seven manufacturing services, with three at Palwal in Haryana, one every at Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam and Bangkok in Thailand.

The corporate’s clients embody JGC Company, Nooter Eriksen, MAN Power Options SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Power Ltd and Toshiba JSW Energy Techniques.

SBI Capital Markets and Equirus Capital are managers to the provide.

Shares of the engineering firm can be listed on the BSE and NSE.

First Printed: Jun 21 2024 | 8:28 PM IST