The Initial Public Offer (IPO) of Divine Power Energy Limited received an overwhelming response from investors. It recorded 369 times subscription until the final day of bidding, garnering bids worth over Rs. 6,700 crore. The New Delhi-based manufacturer of insulated wires and strips aimed to raise Rs. 22.76 crore from the issue that was floated between June 25 – June 27, 2024.
While the Qualified Institutional Buyer (QIB) portion of the issue was subscribed 153.09 times, the HNI quota was subscribed 529.73 times and the Retail Individual Investors (RII) quota was subscribed 567.59 times, bringing the overall subscription to 369 times till the final day of bidding on Thursday, June 27, 2024.
The price band of the issue is fixed at Rs. 36-40/- per Equity Share with a face value of Rs. 10 apiece. The IPO comprises a fresh issue of 56.88 Lakh Equity Shares with a face value of Rs. 10/- through the book-building route. The minimum lot size for the application is 3,000 Equity Shares. The company is proposed to be listed on NSE Emerge.
Khambatta Securities Limited is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer. the company proposes to utilize Rs. 18 crore of the IPO proceeds to meet the working capital requirements and plans to use the remaining capital for general corporate purposes.
DPEL manufactures copper and aluminium wires/strips insulated with paper, crepe paper, and fiberglass and supplies them to discoms and transformer manufacturers. The company also trades super enamelled wires and strips, which are commonly used in transformer assembly and repair. It has a significant presence in North India, including Uttar Pradesh, Delhi, Uttarakhand, Haryana, Punjab, and Bihar.
The company operates a cutting-edge manufacturing plant with an installed capacity of 300 metric tonnes of aluminium and 400 metric tonnes of copper per month. The plant is strategically located in Ghaziabad and has sufficient storage facility for holding inventories of raw materials as well as finished products, ensuring stability of operations. DPEL is planning to boost the production of existing products and extend its product portfolio to meet growing demand in both existing and new markets.
Incorporated in 2001, DPEL is promoted by an accomplished entrepreneur duo – Mr. Rajesh Giri and Mr. Vikas Talwar. With over forty years of combined experience in manufacturing copper wire, aluminium wire and allied products, the promoters are actively involved in day-to-day operations and play a pivotal role in the company’s growth journey.
For more information, please visit: www.dpel.in
Disclaimer: DIVINE POWER ENERGY LIMITED is proposing, subject to applicable statutory and regulatory requirements, receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its Equity Shares and has filed the RHP with the NSE Emerge. The RHP is available on the website of BRLM and the website of NSE. Any potential investors should note that investment in equity shares involves a high degree of risk, and for details relating to the same, please refer to the RHP, including the section titled “Risk Factors”, beginning on page 25.
The Equity Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act) or any state securities laws in the United States, and unless so registered, and may not be issued or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with any applicable U.S. state securities laws. The Equity Shares are being issued and sold outside the United States in ‘offshore transactions in reliance on Regulation “S* under the Securities Act and the applicable laws of each jurisdiction where such issues and sales are made. There will be no public offering in the United States.
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