Ahmedabad: 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  ₹ 10 each) comprises of fresh issue aggregating up to  ₹ 3,250 million (The “Fresh Issue”) and offer for sale of up to 45,82,000 Equity Shares. (The “Offer for Sale”), the company said on Thursday.

The company in its official statement said, “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 ₹ 203 per Equity Share. Bids can be made for a minimum of 73 Equity 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 statement further said.

“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”)” said the official statement.

The press statement also states, “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”)”

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