The initial public offering (IPO) of piping solutions provider DEE Development Engineers Ltd is going to be closed today, June 21. The Rs 418-crore IPO, which was opened for public subscription on June 19, has received a whopping response from investors. Till 3:59 pm on the final day of bidding on Friday, the IPO received 101.20 times subscription, garnering bids for 1,45,52,55,000 shares as against 1,43,79,814 on offer.

The quota for non-institutional investors got subscribed a whopping 147.18 times, while the category for retail investors fetched 20.99 times subscription. The qualified institutional buyers (QIBs) portion received 206.54 times subscription.

The DEE Piping Systems IPO allotment will likely be finalised on June 24, while its listing will take place on both BSE and NSE on June 26.

The price band of the DEE Piping Systems IPO was fixed at Rs 193 to Rs 203 per share.

Investors need to apply for a minimum of 73 equity shares and in multiples thereof. Hence, the minimum investment by retail investors would be Rs 14,819 (73 (lot size) x Rs 203 (upper price band)).

According to market observers, unlisted shares of DEE Development Engineers Ltd are trading Rs 95 higher in the grey market as compared with its issue price. The Rs 95 grey market premium or GMP means the grey market is expecting a 46.8 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.

The Initial Public Offer (IPO) has a fresh issue of up to Rs 325 crore and an offer for sale of up to 45,82,000 equity shares. The price range for the offer is fixed at Rs 193-203 per share.