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Dee Development IPO
Dee Development Engineers Ltd
₹14,089 /73 sharesMinimum Investment
Dee Development IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 19 Jun ‘24 - 21 Jun ‘24 | ₹14,089 | 73 | ₹193 - ₹203 |
| Issue Size | IPO Doc |
|---|---|
| 418.01Cr | RHP PDF |
Subscription rate
As of 21 Jun'24, 04:00 PM
| Qualified Institutional Buyers | 13.26x |
| Non-Institutional Investor | 83.66x |
| Retail Individual Investor | 15.57x |
| Employees | 31.39x |
| Total | 29.59x |
About Dee Development
Founded in
1988
Managing director
Mr. Krishan Lalit Bansal
Parent organisation
Dee Development Engineers Ltd
Strengths & Financials of Dee Development
Strengths
Risks
For the nine months ending December 31, 2023, DEE Piping Systems generated Rs 221.11 crore in revenue from international operations, accounting for 40.53% of the total revenue. In financial years 2023, 2022, and 2021, the company earned Rs 268.59 crore (45.10%), Rs 168.15 crore (36.48%), and Rs 225.96 crore (45.63%) from operations outside India.
The company’s order has been rising consistently over the years. As of December 31, 2023, DEE Piping Systems had an order book of Rs 828.70 crore, which was 139.16% of their revenue from operations in FY2023. The order book on March 31, 2023, stood at Rs 563.35 crore, Rs. 434.57 crore on March 31, 2022, and Rs 335.68 crore on March 31, 2021.
The company holds multiple ISO certifications and is approved under the Pressure Equipment Directive norms and ASME Code to design, manufacture, inspect, and test various piping systems and components.
The company has a National Accreditation Board for Testing and Calibration Laboratories-accredited facility that conducts comprehensive tests such as tensile, hardness, and spectrometric analysis, ensuring compliance with ASME and European standards, including DIN EN ISO 3834.
The company has been in operation since 1988 in an industry with a significant entry barrier.
The company's revenue is highly dependent on the oil and gas, power (including nuclear), process industries, and chemical sectors. Any downturn in these industries could negatively affect their revenue, cash flows, and financial stability.
In March 2023, the top 10 customers accounted for 91.79% of the company’s total revenue, 95.83% in March 2022, and 92.54% in March 2021. Any disruption of business from these few key customers could adversely impact their business, cash flows, and financial health.
The Barmer Satellite Facility is a dedicated site established to meet the piping and erection needs of the HPCL Rajasthan Refinery. Once this project is completed, the facility may close, which could negatively impact the business of DEE Piping Systems.
As of April 15, 2024, DEE Piping Systems had total borrowings of Rs 386.19 crore, which include current and non-current borrowings from term loans, working capital facilities, and other financial arrangements.
The subsidiary, DEE Piping Systems (Thailand) Co., Limited, incurred losses for the nine months ending December 31, 2023, and in financial years 2023, 2022, and 2021. DEE Fabricom India Private Limited also reported losses in financial years 2023, 2022, and 2021. The total losses were Rs 0.66 crore for the nine months ending December 31, 2023, Rs 7.62 crore in March 2023, Rs 9.91 crore in March 2022, and Rs 12.22 crore in March 2021.
The company derives a majority of its revenue from its engineering services and supplies. If it fails to bag new contracts, the company’s financial condition would be adversely affected.
Dee Development Financials
*All values are in Rs. Cr
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Application Details of Dee Development IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹193 - 203 | ₹2 Lakh |
| Employee | ₹174 - 184 | ₹2 Lakh |
| High Networth Individual | ₹193 - 203 | ₹2 - 5 Lakh |
For Dee Development IPO, eligible investors can apply as Regular & Employee.