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.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
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.
