Dee Development Engineers files DRHP with SEBI to raise funds via IPO; check details
Dee Development Engineers Ltd has filed its draft red herring prospectus (DRHP) papers with capital markets regulator Securities and Exchange Board of India (SEBI) to mop up funds through an initial public offering (IPO). The initial share sale comprises fresh issuance of equity shares worth ₹325 crore and an offer for sale of 79 lakh equity shares by a promoter Krishan Lalit Bansal, according to the piping solutions provider
Currently, Bansal owns 74.74 per cent stake in the company. In addition, the Haryana-based firm company may consider mobilising ₹65 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced.
As per the preliminary papers, the funds mopped up through the fresh issuance of equity shares will be used for payment of debt, supporting working capital requirements and for general corporate purposes.
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SBI Capital Markets and Equirus Capital have been appointed as merchant bankers to manage the company’s maiden public issue. Equity shares of the engineering company will be listed on stock exchanges BSE and NSE after the conclusion of the IPO.
Dee Developments is an engineering company providing specialised process piping solutions for industries such as oil and gas, power -including nuclear, chemicals and other process industries through engineering, procurement, and manufacturing.
The company has six manufacturing facilities at Palwal in Haryana, Anjar in Gujarat, Barmer in Rajasthan, and Bangkok in Thailand. The customers include JGC Corporation, Nooter/Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill S A, Reliance Industries, HPCL–Mittal Energy Ltd, and Toshiba JSW Power Systems.
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Updated: 29 Sep 2023, 08:14 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.