DEE Development Engineers Limited (Mainboard)
Jun 19, 2024 - Jun 21, 2024
| Price | ₹193 - ₹203 |
| Premium | ₹90 |
|---|---|
| Lot size | 73 |
| Allotment | Jun 24, 2024 |
| Listing | Jun 26, 2024 |
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 73 | 14819 | 98492 |
| sHNI | 14 | 1022 | 207466 | 1005 |
| bHNI | 68 | 4964 | 1007692 | 2010 |
Last Updated as on 21-Jun-2024 17:54:00
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIBs | 4108518 | 848563972 | 206.54 |
| HNIs | 3081389 | 459107585 | 148.99 |
| HNIs (10L+) | 2054260 | 340415425 | 165.71 |
| HNIs (2-10L) | 1027129 | 118692160 | 115.56 |
| Retail | 7189907 | 166845807 | 23.21 |
| Employees | 54347 | 2446522 | 45.02 |
| Total | 14434161 | 1476963886 | 102.32 |
| Category | Reserved | Applied | Times |
|---|---|---|---|
| Total Application : 2,069,076 | |||
| © IPO Premium | |||
| QIB Interest Cost per share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹56.29 | @8% ₹64.33 | @9% ₹72.37 | @10% ₹80.41 | @11% ₹88.45 | @12% ₹96.49 |
| Big HNI (10L+) Cost per lot (7 Days) |
|---|
| Assuming fix interest of ₹2000 per application Big HNI (10L+) costing for every 1 lot allotment is ₹66284 |
DEE Piping Systems IPO Details
| Issue Size | [20591852] shares (aggregating up to ₹[418.1] Cr) |
| Fresh Issue | [16009852] shares (aggregating up to ₹325.00 Cr) |
| Offer for Sale | 4,582,000 shares of ₹10 (aggregating up to ₹93.01 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
| Share holding pre issue | 53,039,140 |
| Share holding post issue | 69,048,992 |
DEE Piping Systems IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Key Performance Indicator
| KPI | Dec-23 | Mar-23 | Mar-22 |
|---|---|---|---|
| ROCE | 3.91% | 3.91% | 3.99% |
| D/E | 0.85 | 0.75 | 0.63 |
| RONW | 3.35% | 3.14% | 2.04% |
| EPS | 2.70 | 2.45 | 1.53 |
| P/E Pre IPO | 83.00 | ||
| P/E Post IPO | 73.33 |
Company Financials
DEE Development Engineers Limited Financial Information (Restated Consolidated)
DEE Development Engineers Limited's revenue increased by 30.47% and profit after tax (PAT) rose by 58.25% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period | Dec 2023 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|
| Assets | 1,171.01 | 966.26 | 845.40 | 835.88 |
| Revenue | 557.86 | 614.32 | 470.84 | 513.03 |
| Profit | 14.34 | 12.97 | 8.20 | 14.21 |
| Net Worth | 428.19 | 413.70 | 401.37 | 448.50 |
| Reserves | 380.23 | 408.17 | 395.85 | 432.81 |
| Borrowing | 407.14 | 352.62 | 285.36 | 257.17 |
| Amount in ₹ Crore | ||||
About Company
Founded in 1988, DEE Development Engineers Limited is a prominent engineering company specializing in providing advanced process piping solutions for the oil and gas, power (including nuclear), chemical, and other process industries. Their comprehensive services encompass engineering, procurement, and manufacturing. The company also manufactures and supplies a wide range of piping products, including 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 various accessories such as boiler superheater coils, de-superheaters, and custom-manufactured components. DEE Development Engineers Limited operates seven manufacturing facilities located in Palwal, Haryana; Anjar, Gujarat; Barmer, Rajasthan; Numaligarh, Assam; and Bangkok, Thailand, with three of these facilities situated in Palwal, Haryana. As of the nine months ending December 31, 2023, the company's manufacturing facilities boasted a cumulative installed capacity of 70,875 MT, with annual capacities of 94,500 MT, 91,500 MT, and 86,500 MT for Fiscal Years 2023, 2022, and 2021, respectively. Recently, the company expanded into a new vertical, focusing on the design, engineering, fabrication, and manufacturing of pilot plants at Palwal Facility III. As of March 31, 2024, DEE Development Engineers Limited employs 1,061 individuals, including 54 highly skilled welders with certifications such as CSWIP 3.0 and 3.1, AWS-CWI, and CWV, and 53 employees with expertise in non-destructive examination, holding NDE level II qualifications per ASNT/SNT-TC-1A, and NDE level III qualifications per BS EN ISO 9712.
Strength Factors
Market Leadership and Capacity: DEE Development Engineers Limited is the largest player in India's process piping solutions industry, boasting a significant installed capacity across strategically located, state-of-the-art manufacturing facilities.
Industry Expertise and Specialized Workforce: The company excels in providing specialized process piping solutions, supported by a highly skilled workforce, including certified welders and non-destructive examination experts.
Strong Customer Relationships and Robust Order Book: DEE Development Engineers Limited has cultivated long-standing customer relationships, which contribute to a strong and consistent order book, ensuring sustained business growth and stability.
Risk Factors
Sector Dependency: The company's revenue and financial stability are heavily dependent on the oil and gas, power (including nuclear), and chemical sectors, making it vulnerable to downturns in these industries.
Debt Repayment Risks: A significant portion of the net proceeds will be used to repay or prepay indebtedness, which may limit financial flexibility and impact future growth initiatives.
Capacity Utilization: Underutilization of manufacturing capacities could negatively affect business performance, future prospects, and financial health.
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