Dee Development Engineers Shares Surge 67% on Debut

New Delhi, Jun 26 (PTI) Shares of piping solutions provider Dee Development Engineers Ltd on Wednesday listed with a premium of 67 per cent against the issue price of Rs 203.

The stock listed at Rs 325, up 60 per cent from the issue price on the BSE. Later, it jumped 80.14 per cent to Rs 365.70.

On the NSE, it began the trade at Rs 339, registering a jump of 66.99 per cent.

The company's market valuation stood at Rs 2,246.33 crore.

The Initial Public Offering (IPO) of DEE Development Engineers got subscribed 99.56 times on the last day of subscription on Friday.

The Rs 418-crore initial share sale had a fresh issue of up to Rs 325 crore and an offer for sale of up to 45,82,000 equity shares.

The price range for the offer was Rs 193-203 per share.

Dee Development is an engineering company, providing specialised process piping solutions for industries like oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.

At present, the company has seven manufacturing facilities, with three at Palwal in Haryana, one each at Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam, and Bangkok in Thailand.

The company's customers include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Energy Ltd and Toshiba JSW Power Systems.