asianprimenews
Breaking News
Breaking NewsGeneralPublic Interest

Dee Development Engineers Limited Initial Public Offer to open on June 19, 2024

L-R Mr. Pankaj Agarwal (Chief Operating Officer, Dee Development Engineers Limited); Mr. Krishan Lalit Bansal (Chairman and Managing Director, Dee Development Engineers Limited) and Mr. Sameer Agarwal, (Chief Financial Officer, Dee Development Engineers Limited) at the press conference in connection to their proposed Initial Public Offering (IPO).
L-R Mr. Ratnadeep Acharyya (Senior Vice President (Investment Banking), SBI Capital Markets Limited); Mr. Pankaj Agarwal (Chief Operating Officer, Dee Development Engineers Limited); Mr. Krishan Lalit Bansal (Chairman and Managing Director, Dee Development Engineers Limited); Mr. Debasis Panigrahi ;Mr. Sameer Agarwal, (Chief Financial Officer, Dee Development Engineers Limited) and Mr. Munish Aggarwal (Managing Director – Industrials & ECM, Equirus Capital Private Limited) at the press conference in connection to DEE Development Engineers Limited’s Initial Public Offering (IPO).

 

National, June 12, 2024: Dee Development Engineers Limited (Dee Piping” or “The Company”), shall open its Bid / Offer in relation to its initial public offer of Equity Shares on Wednesday, June 19, 2024.

The total offer size of Equity Shares (face value ₹ 10 each)comprises of fresh issue aggregating up to 3,250 million(The Fresh Issue”) and offer for sale of up to 45,82,000Equity Shares. (The “Offer for Sale”).

This offer includes a reservation of up to aggregating up to ₹ 10.00 million ( 1 crore) for subscription by eligible employees. (The “Employee Reservation Portion”)

The Anchor Investor Bidding Date shall be Tuesday, June 18, 2024. The Bid/Offer will open on Wednesday, June 19, 2024 for subscription and close on Friday, June 21, 2024. (“Bid Details”)

The Price Band of the Offer has been fixed at 193 to 203per Equity Share. Bids can be made for a minimum of 73Equity Shares and in multiples of 73 Equity Shares thereafter.(The “Price Band”).

The Company proposes to utilise net proceeds from fresh issue of Equity Shares towards (i) Funding working capital requirements of our Company estimated to 750 million  in Fiscal 2025; (ii) Prepayment or repayment of all or a portion of certain outstanding borrowings availed by our Company estimated to 1,750 million in Fiscal 2025; and balance to General corporate purposes (the “Objects of Issue”).

The offer for sale of up to 45,82,000 Equity Shares (Offered Shares) comprising up to 45,82,000 Equity Shares by Krishan Lalit Bansal (collectively, the “Promoter Selling Shareholders”), and such offer for sale of Equity Shares by the Selling Shareholders, “the Offer for Sale”).

This Equity Shares are being offered through the Red Herring Prospectus of the Company dated June 11, 2024 filed with the Registrar of Companies, National Capital Territory of Delhi and Haryana at New Delhi. (The “RHP”)

The Equity Shares to be offered through this Red Herring Prospectus are proposed to be listed on the Stock Exchanges being BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE” together with BSE, the “Stock Exchanges”). For the purposes of the Offer, NSE is the Designated Stock Exchange. (The “Listing Details”)

The Offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”), read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made in accordance with Regulation 6(1) of the SEBI ICDR Regulations, through the Book Building Process wherein not more than 50% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs”) (such portion referred to as “QIB Portion”), provided that our Company, in consultation with the BRLMs may allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (the “Anchor Investor Portion”), out of which one-third shall be reserved for domestic Mutual Funds only, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is made to Anchor Investors (“Anchor Investor Allocation Price”), in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the QIB Portion (excluding the Anchor Investor Portion) (the “Net QIB Portion”).

Further, 5% of the Net QIB Portion shall be available for allocation on a proportionate basis to Mutual Funds only, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. However, if the aggregate demand from Mutual Funds is less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion will be added to the remaining Net QIB Portion for proportionate allocation to all QIBs.

Further, not less than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors out of which (a) one-third of such portion shall be reserved for applicants with application size of more than ₹0.20 million and up to ₹1.00 million; and (b) two third of such portion shall be reserved for applicants with application size of more than ₹1.00 million, provided that the unsubscribed portion in either of such sub-categories may be allocated to applicants in the other sub-category of Non-Institutional Investors

And not less than 35% of the Net Offer shall be available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price. Further, Equity Shares will be allotted on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price (net of Employee Discount, if any). All potential Bidders (except Anchor Investors) are required to mandatorily use the Application Supported by Blocked Amount (“ASBA”)process providing details of their respective ASBA accounts, and UPI ID in case of UPI Bidders, if applicable, in which the corresponding Bid Amounts will be blocked by the SCSBs or by the Sponsor Bank(s) under the UPI Mechanism, as applicable, to the extent of the respective Bid Amounts. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For further details, see ‘Offer Procedure’ on page 451.

SBI Capital Markets Limited and Equirus Capital Private Limited are the Book Running Lead Managers to the offer(“BRLMs”).

All capitalised terms used herein but not defined shall have the same meaning as ascribed to them in the RHP.

Disclaimer:

DEE Development Engineers Limited is proposing, subject to, receipt of requisite approvals, market conditions and other considerations, to undertake an initial public offer of its Equity Shares and has filed the DRHP dated September 28, 2023 with SEBI on September 28, 2023 and the RHP dated March [•], 2024 with the RoC. The RHP is available on the website of the Company at www.deepiping.com, SEBI at www.sebi.gov.in, as well as on the websites of the BRLMs, i.e. www.sbicaps.com and www.equirus.com and the websites of National Stock Exchange of India Limited and BSE Limited at www.nseindia.com and www.bseindia.com, respectively. Any potential investor should note that investment in equity shares involves a high degree of risk and for details relating to such risk, please see “Risk Factors” of the RHP, on page [●]. Potential investors should not rely on the DRHP for making any investment decision but can only rely on the information included in the Red Herring Prospectus.

The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (“U.S. Securities Act”) or any state securities laws in the United States, and unless so registered, and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable U. S. state securities laws. Accordingly, the Equity Shares are being offered and sold only outside the United States in “offshore transactions” as defined in and in compliance with Regulation S under the U.S. Securities Act and the applicable laws of the jurisdiction where those offers and sales are made.

Related posts

EaseMyTrip Forays into Hospitality Sector by Unveiling Luxurious 5-Star Hotel in Ayodhya

asianprimenews

How does Sony SAB’s Pushpa Impossible actress Garima Parihar balance life and work? Let’s find out!

asianprimenews

Yami Gautam speaks up on her first film collaboration after marriage with husband Aditya Dhar on Article 370

asianprimenews

Leave a Comment