New Delhi: Shares of piping solutions provider Dee Development Engineers Ltd on Wednesday ended with a premium of 65 per cent against the issue price of Rs 203.
The stock listed at Rs 325, up 60 per cent from the issue price on the BSE. During the day, it jumped 80.14 per cent to Rs 365.70. Shares of the company ended at Rs 335, rallying 65 per cent.
On the NSE, it began the trade at Rs 339, registering a jump of 66.99 per cent. The stock ended at Rs 333.33, up 64.20 per cent.
The company's market valuation stood at Rs 2,313.31 crore.
In volume terms, 28.76 lakh shares of the company were traded on the BSE and 335.44 lakh shares on the NSE during the day.
The Initial Public Offering (IPO) of DEE Development Engineers got subscribed 99.56 times on the last day of subscription on Friday.
The Rs 418-crore initial share sale had a fresh issue of up to Rs 325 crore and an offer for sale of up to 45,82,000 equity shares.
The price range for the offer was Rs 193-203 per share.
Dee Development is an engineering company, providing specialised process piping solutions for industries like oil and gas, power (including nuclear), chemicals and other process industries through engineering, procurement and manufacturing.
At present, the company has seven manufacturing facilities, with three at Palwal in Haryana, one each at Anjar in Gujarat, Barmer in Rajasthan, Numaligarh in Assam, and Bangkok in Thailand.
The company's customers include JGC Corporation, Nooter Eriksen, MAN Energy Solutions SE, Mitsubishi Heavy Industries, John Cockerill SA, Reliance Industries, HPCLMittal Energy Ltd and Toshiba JSW Power Systems.
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