Jun 19, 2024
By: Sourabh Jain
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Haryana-based DEE Development Engineers’s initial public offering (IPO) opened on Wednesday, June 19, and will close on Friday, June 21.
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DEE Development Engineers has fixed a price band of ₹193-₹203 per share for its public issue.
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DEE Development Engineers is a Haryana-based engineering company which provides specialised process piping solutions for oil and gas, chemicals, power and other process industries.
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DEE Development Engineers is looking to raise ₹418.01 crore from the current IPO. This includes a fresh issue of ₹325 crore and an offer for sale (OFS) component of ₹93.01 crore.
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Investors can bid for a minimum of 73 shares and in multiples of 73 shares thereafter.
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The company, founded in 1988 currently has seven manufacturing facilities. It recently entered into a new vertical, offering design, engineering, fabrication, and manufacturing services at its Palwal plant.
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The company’s income was ₹614.32 crore in FY23, up from ₹470.84 crore in FY22. The company reported a profit of ₹12.97 crore in FY23, up from ₹8.20 crore profit reported in FY22.
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The company is dependent on industries such as oil and gas, power and chemicals. Any downturn in these industries will have an adverse impact on the company.
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The company’s subsidiaries have reported losses in the last three fiscal years. It faces competition from both domestic and international companies.
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