The Dee Development Engineers’ initial public offering (IPO) was a megahit, as the issue closed with a subscription of 99.47 times on Friday. The ₹418-crore IPO, which came out with a price band of ₹193-203, comprised a fresh issue of ₹325 crore and an offer-for-sale (OFS) of 45.82 lakh shares by the promoter, Krishan Lalit Bansal.

The quota reserved for qualified institutional buyers (QIBs) received a tumultuous response by being subscribed nearly 202 times, while the category meant for non-institutional investors was subscribed 143.43 times and the retail Investors’ portion 22.52 times subscription. The employee portion was subscribed 44.38 times. Eligible employees (reserved 57,471 shares) would receive a discount of ₹19 a share.

The company will use the net proceeds from the fresh issue towards funding working capital requirements of the company, repayment of certain outstanding borrowings availed by the company, and general corporate purposes.

Dee Development has raised over ₹125 crore from anchor investors. It has allocated 61,62,777 equity shares to anchor investors at ₹203 a share. HDFC Mutual Fund, Kotak Mahindra Trustee, Aditya Birla Sun Life Trustee, LIC MF Large, SBI General Insurance, and Morgan Stanely Asia were among the marquee companies that participated in the anchor book round.

Dee Developments is an engineering firm that provides specialised process pipe solutions to sectors such as oil and gas, electricity (including nuclear), chemicals, and others through design, procurement, and production, and its clientele include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCL Mittal Energy and Toshiba JSW Power Systems. The company has six strategically located manufacturing facilities in Haryana, Gujarat, Rajasthan and Thailand.

Shares will be listed on the BSE and the NSE. SBI Capital Markets and Equirus Capital are managers of the offer.