DEE Development IPO allotment: Check application status, latest GMP and listing date

DEE Development Engineers is scheduled to finalise the basis of allotment of its shares on Monday, June 24. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate latest by Tuesday, June 25. The piping solutions engineering company had received a stellar response from the investors.
 

The IPO of DEE Development Engineers was open for bidding June 19 and June 21. The company had offered its shares in the fixed price band of Rs 193-203 per share with a lot size of 73 shares. The company raised a little more than Rs 418.01 crore via its primary offering, which included a fresh share sale of Rs 325 crore and an offer-for-sale (OFS) of up to 45,82,000 equity shares.
 

The issue was overall subscribed a stellar 99.56 times. The quota for qualified institutional bidders (QIBs) was booked a whopping 201.91 times The quota for non-institutional investors was subscribed 144 times. The portions reserved for retail investors and employees saw bidding for 23.42 times and 44.73 times, respectively during the three-day bidding process.
 

Grey market premium (GMP) of DEE Development Engineers has surged sharply following the closure of the bidding process. Last heard, the company was commanding a premium of Rs 90-92 per share, suggesting a listing pop of around 45 per cent for the investors. However, it was around Rs 95 apiece, when the issue closed for the bidding.
 

Founded in 1988, Faridabad-based DEE Development Engineers is an engineering company that provides specialized process piping solutions for oil and gas, power including nuclear, chemicals, and other process industries through engineering, procurement, and manufacturing, among others.
 

Brokerage firms are mostly positive on the issue suggesting investors to subscribe to it on the back of entry barriers in the industry, niche product segment, experienced management and robust growth potential. However, they see a small order book, big debt and aggressive pricing for the issue as key concerns for the issue.
 

Equirus Capital and SBI Capital Markets are the book running lead managers of the DEE Piping Systems IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with June 26, Wednesday as the tentative date of listing.
 

Investors, who had bid for the issue of DEE Development Engineers, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select DEE Development Engineers Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on ‘I am not a Robot’ and hit submit.
 

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
 

1) Go to the web portal of Link Intime Limited

2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.