Divine Power Energy Limited (“DPEL” or “The Company”), a manufacturer of insulated wires and strips, today made a stellar debut on the NSE Emerge platform. The stock was listed at Rs. 155/-, at a premium of 288% over the fixed price band of Rs. 40/-. Last week, the issue received an overwhelming response from the investors as the QIB portion was subscribed 153.09 times, the NII portion was subscribed 529.73 times and the Retail individual investors (RII) quota was subscribed 567.59 times, bringing the overall subscription to 368.66 times, until the final day of bidding on June 27, garnering bids worth over Rs. 6,700 crore.
The IPO comprised a fresh issue of 56.88 Lakh Equity Shares with a face value of Rs. 10/- through the book-building route. Khambatta Securities Limited is the sole Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar for the issue.
The anchor book of the IPO was subscribed to by a group of high-profile investors, including Imvesta Growth Scheme, Saint Capital Fund, Zinnia Global Fund PCC – Nolana, Craft Engineering Market Fund PCC – Citadel Capital Fund and India Ahead Venture Fund. The company has allotted 2.88 Lakh equity shares for Market Maker, 16.2 Lakh equity shares for anchor investors, 10.8 Lakh equity shares allocated for QIBs, 8.1 Lakh equity shares for HNIs, and the Retail (RII) portion accounts for 18.9 Lakh equity shares. The lot size is 3,000 shares.
The New Delhi-headquartered company aims to raise Rs. 22.76 crore from the issue and intends 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.
Divine Power Energy Limited supplies its products to reputed clients such as TATA Power Limited, BSES, Uttar Pradesh Power Corporation Limited, and Uttarakhand Power Corporation Limited. It sources its raw materials from reliable and prominent suppliers such as Birla Copper, Hindalco Aluminium and NALCO.
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.
