Dee Dev makes stellar debut

There was a new listing today – Dee Development Engineers. As against the IPO price of Rs.203, the stock got listed at Rs.325, a premium of 60%.

The stock had got a tremendous response, subscribing 99.23x. QIBs portion was the best at 201.91x, HNIs at 143.71 and Retail at 22.91.

The company manufactures process piping solutions for oil and gas, power, chemicals sector, having 9 facilities in India and Thailand, with consolidated installed capacity of 94,500 MTPA. Capacity utilization stood at 52% in 9MFY24.

Our conclusion in the IPO Analysis - Low operating margin and return ratio and lack of visibility for significant improvement make fundamentals unexciting. Hence, we do not recommend subscribing to the IPO.