DEE Development Engineers shares fall after stellar debut

DEE Development Engineers' shares fell on Wednesday after the piping solutions provider's stellar debut on the stock exchanges.

The stock was trading at ₹336.6, down 0.6%, on the National Stock Exchange (NSE). Intraday, it surged as much as 7.8% to ₹365.7.

On the BSE, the scrip was up 3.5% to ₹336.4.

The ₹418-crore public issued was subscribed 99.56 times from June 19 to June 21. The qualified institutional buyers (QIBs) bid the most and subscribed 201.91 times their reserved quota.

The non-institutional investors (NIIs) part was subscribed 114 times, and retail investors booked 23.42 times the allotted quota.

About DEE Development Engineers

DEE Development Engineers, which sells product in domestic and international markets, provides piping solutions like piping systems, pressure vessels, fittings, spools, bends, industrial stacks and modular skids.

The company had reported a revenue of ₹595 crore in the fiscal year 2022-23, up from ₹495 in the last financial year. Its net profit surged 57.5% year-on-year (YoY) to ₹12.9 crore in FY23.