Get All Access for $5/mo

Dee Piping Goes Public: Announces Initial Public Offering Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

By Prince Kariappa

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

DEE
(Left-right) Pankaj Agarwal, Chief Operating Officer, Krishan Lalit Bansal Chairman and Managing Director, and Sameer Agarwal, (Chief Financial Officer of Dee Development Engineers Limited.

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company. The initial public offering (IPO) of equity shares will commence on the 19th of June 2024 and will close on 21 June 2024.

The IPO will comprise a fresh issue of equity shares aggregating up to INR 3,250 million and an offer for sale of up to 45,82,000 equity shares by the shareholder promoters, including Krishan Lalit Bansal, Chairman and Managing Director of Dee Piping. The offering also includes reservations of up to INR 10 million for eligible employees.

The price band has been set at INR193- 203 per share and the company announced that investors can place bids for a minimum of 73 equity shares and in multiples of 73 shares thereafter. The bidding date for anchor investors is scheduled for 18 June 2024.

Dee Piping announced that the net proceeds from the issue will be used to fund its working capital requirements, which is estimated to be INR 750 Million for fiscal 2025. The company also plans to prepay or repay outstanding borrowings, estimated to be INR 1,750 million for fiscal 2025, and also cover its general corporate expenses.

"We have created a milestone achievement during the entire journey of our organization. We are coming up with our new facility in Gujarat, which shall be dedicatedly working in the field of oil and gas sector," said Sameer Agarwal, Chief Financial Officer of Dee Development Engineers Limited told Entrepreneur India.

"Our organization has an abundance amount of scope to enhance our margins. And in the past, the company has done really well in terms of EBITDA and PAT margins," added Sameer Agarwal.

Krishan Lalit Bansal Chairman and Managing Director, of Dee Development Engineers Limited. feels that the roadmap, as far as manufacturing is concerned in India, particularly after the introduction of the 'Make in India' concept, is bright and that the present government has a huge focus on infrastructure development which helps their cause.

"The IPO transition will help us to expand our capacities, and aid in our expansion of footprint in various other markets," said Bansal.

Prince Kariappa

Features Content Writer

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.

Leadership

Why Your AI Strategy Will Fail Without the Right Talent in Place

Using fractional AI experts through specialized platforms allows companies to access top talent cost-effectively, drive innovation and scale agile strategies for growth.

Business News

Apple Is Adding ChatGPT to iPhones This Week. Here's How It Works.

ChatGPT will take over questions that Siri can't answer.

Growing a Business

How to Spot Trends and Anticipate Market Shifts Before Your Competition

Discover how to identify disruptive trends before your competitors by mastering the art of anticipating market shifts. Learn strategies for staying ahead and gaining a competitive edge in business.