Schedule of DEE Development Engineers
| Issue open date | 19 Jun 2024 |
| Issue close date | 21 Jun 2024 |
| UPI mandate deadline | 21 Jun 2024 (5 PM) |
| Allotment finalization | 24 Jun 2024 |
| Refund initiation | 25 Jun 2024 |
| Share credit | 25 Jun 2024 |
| Listing date | 26 Jun 2024 |
| Mandate end date | 06 Jul 2024 |
| Lock-in end date for anchor investors (50%) | 24 Jul 2024 |
| Lock-in end date for anchor investors (remaining) | 24 Sep 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About DEE Development Engineers
DEE Development Engineers’s IPO launches on June 19, 2024, with subscriptions closing on June 21, 2024. Established in 1988, DEE Piping Systems is an engineering company providing specialised process piping solutions for industries such as oil and gas, power (including nuclear), chemicals, and other process industries through engineering, procurement, and manufacturing.
With over three and a half decades of manufacturing experience, As part of the specialized process piping solutions, The company 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.
Currently, The company is the largest player in process piping solutions in India, in terms of installed capacity of 70,875 MT for the nine months ended December 31, 2023, with annual capacities of 94,500 MT, 91,500 MT, and 86,500 MT for Fiscal 2023 to 2021 respectively. (Source: D&B Report).
Financials of DEE Development Engineers
Issue size
| Funds raised in the IPO | Amount |
| Overall | ₹418.01 crores |
| Fresh issue | ₹325 crores |
| Offer for sale | ₹93.01 crores |
*All figures except EPS are in ₹ Crores
Risks
- Key sectoral headwinds: With over 96% of the revenues coming from these sectors, Any downturn in the oil and gas, power (including nuclear), process industries, and chemical sectors would create an adverse impact on the company’s revenue from operations, cash flows, and financial conditions.
- Dependence on Top 10 customers: The company derives 67% of its revenues from the top 10 customers and with no long-term contracts with a majority of these customers. If one or more of such customers choose not to source their requirements from the company or choose to terminate the contracts or purchase orders, The company’s business, cash flows, financial condition, and results of operations may be adversely affected.
Note:
- The above schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion.
- The allotment status will be available by June 25, 2024, on the Registrar’s website and the NSE website.