Dee Development garners Rs 1.25 billion from anchor investors for IPO

20 Jun 2024 CW Team

Dee Development Engineers Ltd has raised over Rs 1.25 billion from anchor investors ahead of its upcoming IPO, with allocations to funds such as Citigroup Global Markets Mauritius, Morgan Stanley Asia (Singapore) Pte, Aurigin Master Fund, Pinebridge Global Funds, and SBI General Insurance Company.

The Rs 4.18 billion IPO, scheduled from June 19 to June 21, involves issuing 6.163 million equity shares at Rs 203 each, as detailed in a circular on BSE's website. Additionally, the IPO includes a fresh issuance of Rs 3.25 billion in equity shares and an offer-for-sale of Rs 930 million by promoter and CMD Krishan Lalit Bansal, bringing the total IPO size to Rs 4.18 billion.

The funds raised will primarily address debt repayment, working capital needs, and general corporate purposes.

Dee Development Engineers specializes in providing custom process piping solutions across various sectors including oil and gas, power, chemicals, and other process industries, operating from seven manufacturing facilities across India and Thailand.

(Source: ET Energy)

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