Dee Development Engineers IPO fully subscribed on day1 GMP reaches 25 per cent

Amidst the record rally in the stock market, IPOs are being launched in the market and they are getting a great response. The IPO of Dee Development Engineers, which opened in the market a day earlier on Wednesday, has also received a great response from investors. The IPO has been subscribed many times in a single day.

According to the data available on the market, this IPO was subscribed 2.66 times overall on the first day itself. It is getting good response in almost all categories. On the first day, this IPO got the lowest subscription of just 0.03 percent in the QIB category. Apart from that, this IPO has been oversubscribed in all categories.

100% subscribed in just a few hours

After the market closed on Wednesday, this IPO was subscribed 5.54 times in the NII category. Whereas in the retail category, this IPO was subscribed 2.87 times. Within a few hours of opening for subscription on Wednesday, this IPO was subscribed more than 100 percent i.e. it was completely filled.

Trading with 25% GMP

The effect of the great response this IPO is getting is also visible in the grey market. In the grey market, the company's stock was trading at a premium of Rs 49 after the IPO opened. The company has fixed a price band of Rs 193 to Rs 203 per share for the IPO. This means that after the opening of the IPO, the stock of Dee Development Engineers has achieved a premium of about 25 percent in the grey market.

Plan to raise around 420 crores

This IPO is available for subscription till Friday 21 June after opening on Wednesday. The company aims to raise Rs 418.01 crore through this IPO. This IPO includes the issue of fresh shares worth Rs 325 crore. Apart from that, the IPO also includes an offer for sale of Rs 93.01 crore.

Shares will be listed on the mainboard on June 26

One lot of this IPO consists of 73 shares. That means investors will need at least Rs 14,819 to subscribe to this IPO. Shares will be allotted on June 24 after the IPO closes on the mainboard. After that, its shares will be listed on BSE and NSE on June 26.

Disclaimer: The information provided here is for information purposes only. It is important to note here that investing in the market is subject to market risks. Always seek expert advice before investing as an investor. ABPLive.com never advises anyone to invest money here.

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