DEE Development Engineers IPO Debuts with 67% Premium on NSE

DEE Development Engineers IPO - Lists at 67% Premium on NSE

DEE Development Engineers had a very strong listing on 26th June 2024, listing at ₹339.00 per share, a premium of 67.00% over the issue price of ₹203 per share. Here is the pre-open price discovery for the Mainboard IPO of DEE Development Engineers on the NSE as of 9.50 am.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: NSE

The mainboard IPO of DEE Development Engineers was a book built IPO with a price band of ₹193 to ₹203 per share. The price was discovered at the upper end of the band at ₹203 per share after a robust subscription response of over 103X and the anchor allocation also happening at the upper band of ₹203 per share, a day ahead of the IPO opening. On 26th June 2024, the stock of DEE Development Engineers listed on the NSE Mainboard segment at a price of ₹339.00 per share, a premium of 67.00% over the IPO issue price of ₹203. For the day, the upper circuit price has been set at ₹406.80 and the lower circuit price has been set at ₹271.20.

As of 10.07 am, the volumes were 143.80 lakh shares while the turnover (value) was at ₹496.14 crore on NSE. The stock has a face value of ₹10 per share and the applicable margin rate is 25.00%. The opening market cap of the stock stands at ₹2,487 crore. The stock will be traded in the EQ series with delivery and intraday trades permitted, but part of the rolling segment cycle of the NSE. At 10.07 am, it is trading higher at ₹360.10 per share; which is 6.22% above the listing price. The stock of DEE Development Engineers trades with the following symbols; NSE Code (DEEDEV), BSE Code (544198), and the shares have been credited to the demat accounts of allottees under the designated ISIN (INE841L01016).

How DEE Development Engineers IPO listed on BSE?

Here is a quick price discovery summary of DEE Development Engineers on the Bombay Stock Exchange (BSE) on the day of listing, 26th June 2024. The pre-IPO period ends at 9.50 am and actual trading on the IPO stock starts at 10.00 am on listing day.

PRE-OPEN ORDER COLLECTION SUMMARY

Data Source: BSE

The Mainboard IPO of DEE Development Engineers was a book built IPO priced at the upper end of the band at ₹203 per share. On 26th June 2024, the stock of DEE Development Engineers listed on the BSE mainboard segment at a price of ₹325.00 per share, a premium of 60.10% over the IPO issue price of ₹203. For the day, the upper circuit price has been set at ₹389.95 and the lower circuit price has been set at ₹260.00. As of 10.08 am, the volumes were 12.49 lakh shares while the turnover (value) was at ₹42.59 crore on BSE. The stock has a face value of ₹10 per share. The stock will be traded in the regular EQ segment of the BSE in T+1 settlement cycle. The market cap of the stock stands at ₹2,478 crore with free float market at ₹520 crore. At 10.08 am, it is trading +9.34% higher at ₹355.35 per share.

About DEE Development Engineers IPO

DEE Development Engineers IPO will be open from June 19th, 2024 to June 21st, 2024; both days inclusive. The stock of DEE Development Engineers has a face value of ₹10 per share and the price band for the book building IPO has been set in the range of ₹193 to ₹203 per share. The IPO of DEE Development Engineers will be a combination of a fresh issue of shares and offer for sale (OFS) component. The fresh issue brings in fresh funds into the company, but is also EPS and equity dilutive. On the other hand, OFS is just a transfer of ownership; and hence neither EPS nor equity dilutive. The fresh issue portion of the IPO of DEE Development Engineers comprises the issue of 1,60,09,852 shares (160.10 lakh shares approximately), which at the upper price band of ₹203 per share will translate into a fresh issue size of ₹325.00 crore.

Read more about DEE Development Engineers IPO

The offer for sale (OFS) portion of the IPO of DEE Development Engineers comprises the sale / offer of 45,82,000 shares (45.82 lakh shares), which at the upper price band of ₹203 per share will translate into an OFS size of ₹93.01 crore. The entire 45.82 lakh shares in the OFS is being offered by promoter shareholder, Krishan Lalit Bansal. Therefore, the total IPO of DEE Development Engineers will comprise of a fresh issue and an OFS of 2,05,91,852 shares (205.92 lakh shares approximately) which at the upper end of the price band of ₹203 per share aggregates to total issue size of ₹418.01 crore. The IPO of DEE Development Engineers will be listed on the NSE and the BSE on the IPO mainboard. It may be noted that the final number of shares in the subsequent paragraphs may differ marginally based on summary reallocations done by the company.

The fresh funds will be used for funding working capital needs of the company and also for prepayment / repayment of the high cost debt of the company. The promoters of the company include Krishna Lalit Bansal, Ashima Bansal, and DDE Piping Components Private Ltd. The promoters currently have a 100.00% stake in the company, which will get diluted post IPO to 70.18%. The IPO will be lead managed by SBI Capital Markets and Equirus Capital; while Link Intime India Private Ltd will be IPO registrar.