Industrial piping solutions provider, Dee Development Engineers, has announced plans for an Initial Public Offering (IPO) to raise ₹325 crore ($43 million), alongside an expected ₹65 crore ($8.6 million) from pre-IPO placement. The announcement was made on Friday.
The company intends to utilize the funds raised from the IPO and the pre-IPO placement for various purposes including meeting working capital requirements, repaying debt, and other general corporate uses.
Currently, Dee Development Engineers operates six manufacturing units with a combined capacity of 94,500 metric tonnes per annum. As part of its expansion strategy, the company has revealed plans to establish new facilities in Assam and Gujarat.
In the fiscal year 2023, Dee Development Engineers reported a net profit of ₹12.97 crore ($1.7 million). The proposed IPO and pre-IPO placement will support the company's growth strategy while also strengthening its financial position by reducing debt.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.