New Delhi: Piping solutions provider Dee Development Engineers Ltd on Tuesday said it has mobilised a little over Rs 125 crore from anchor investors ahead of its initial share-sale.


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The Rs 418-crore initial public offering (IPO) will open for subscription on June 19 and conclude on June 21.


According to a circular uploaded on BSE'S website, the company has allotted 61.63 lakh equity shares to 19 funds at Rs 203 apiece, aggregating to Rs 125.1 crore.


Citigroup Global Markets Mauritius, Morgan Stanley Asia (Singapore) Pte, Aurigin Master Fund, Pinebridge Global Funds, SBI General Insurance Company, are among the funds who have been allocated shares.


In addition, Kotak Mahindra Mutual Fund, LIC Mutual Fund, HDFC Mutual Fund and Aditya Birla Sun Life Mutual Fund have been allocated shares in the anchor round.


The initial share sale comprises fresh issuance of equity shares worth Rs 325 crore and an offer-for-sale of 45.82 lakh equity shares valued at Rs 93 crore by promoter and CMD Krishan Lalit Bansal at the upper-end of the price band. This takes the IPO size to Rs 418 crore.


Currently, Bansal owns a 74.74 per cent stake in the company.


Shares will be available for subscription at the price range of Rs 193 to Rs 203 apiece in the IPO.


Of Rs 325 crore proceeds, Rs 175 crore will be used for payment of debt, Rs 75 crore for funding the working capital requirements, and the remaining Rs 75 crore will be used for general corporate purposes.


Dee Developments 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.


SBI Capital Markets and Equirus Capital are the merchant bankers to manage the company's maiden public issue.


Equity shares of the engineering company will be listed on the BSE and NSE.