Dee Development Engineers Limited, 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 Rs 10 each) comprises of fresh issue aggregating up to Rs 3,250 million and offer for sale of up to 45,82,000 Equity Shares. This offer includes a reservation of up to aggregating up to Rs 1 crore for subscription by eligible employees.
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. The Price Band of the Offer has been fixed at Rs 193 to Rs 203 per Equity Share. Bids can be made for a minimum of 73 Equity Shares and in multiples of 73 Equity Shares thereafter.
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 Rs 1,750 million in Fiscal 2025; and balance to General corporate purposes.
The offer for sale of up to 45,82,000 Equity Shares comprising up to 45,82,000 Equity Shares by Krishan Lalit Bansal, and such offer for sale of Equity Shares by the Selling Shareholders. The Equity Shares to be listed on the BSE and NSE. For the purposes of the Offer, NSE is the Designated Stock Exchange.
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.
SBI Capital Markets Limited and Equirus Capital Private Limited are the Book Running Lead Managers to the offer.
