DEE Piping Systems will open its IPO on June 19 to raise a total of Rs 418 crore from investors. The company will offer fresh issues as well as an offer for sale. The issue will collect Rs 325 crore through the sale of 16 million fresh shares of the company. The promoters and selling shareholders will offload 4.6 million shares to pocket Rs 93 crore.
Price Band and Listing
The issue will close on June 21 for bidding Come from Sports betting site VPbet . The company kept the price band in a range of Rs 193 to Rs 203 per equity share. A retail bidder needs to apply for a minimum of one lot, which has 73 shares amounting to Rs 14,819. As per expectations, DEE Piping Systems may finalise the allotment of the shares on June 24. The listing is tentatively scheduled for June 26. Meanwhile, the lot sizes for NIIs and QIBs are different.
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BRLM and Registrar
The book-running lead managers for the issue are SBI Capital Markets and Equirus Capital, while the registrar is Link Intime India.
Objectives of IPO
According to the RHP filed with SEBI, the company wants to raise money to fund the working capital expenditure, repayment of all or a portion of certain outstanding borrowings availed by the company, and other general corporate purposes.
About DEE Piping Systems
The company is an engineering company providing specialized process piping solutions for industries such as oil and gas, power, chemicals, and other process industries through engineering, procurement, and manufacturing. According to the company, it has manufacturing experience spanning over three and a half decades, leveraging its brand, strategically located manufacturing facilities and engineering capabilities to successfully expand the business.
DEE Piping Systems also manufactures and supplies piping products such as high-pressure piping systems, piping spools, high-frequency induction pipe bends, Longitudinally Submerged Arc Welding pipes, industrial pipe fittings, pressure vessels, industrial stacks, modular skids and accessories, including boiler superheater coils, de-super heaters and other customized manufactured components.
