๐ IPO GMP News Update: 15 JUNE 2024 ๐
๐ Piping Solutions Company Development Engineers is set to launch its IPO subscription on 19th June. Investors will have the opportunity to invest in this IPO until 21st June. The company aims to raise โน418 crore through the IPO, with a price range of โน193-203 per share. 325 crore new shares will be issued in this IPO, along with โน93.01 crore worth of shares for sale.
๐ Investors can apply for a minimum of 73 shares in a lot and its multiples. The funds raised from the IPO will be used by Development Engineers for fulfilling working capital requirements, repaying some outstanding loans, and for general corporate purposes.
๐ Successful investors will receive their shares on 24th June after the subscription period, with the refund process starting on 25th June. SBI Capital Markets Limited and Equirus Capital Private Limited are the book running lead managers for the IPO, with Link Intime India Private Limited as the registrar.
๐ก Development Engineers Company provides specialized piping solutions through engineering, procurement, and construction for the oil and gas, energy, chemical, and other process industries. The company also manufactures piping products and operates six manufacturing plants in Haryana, Gujarat, Rajasthan, and Thailand.
๐ The company is considered the country’s largest process piping solutions company in terms of installed capacity. Development Engineers posted a net profit of โน14.34 crore on revenue of โน380.23 crore for the nine months ending on 31st December, 2023. For 2022-23, the company reported a net profit of โน12.97 crore on revenue of โน614.32 crore.
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