NSE SME Divine Power Energy sizzles on debut

Shares of Divine Power Energy were quoting at Rs 155.50 on the NSE, a premium of 288.75% compared with the issue price of Rs 40.

The scrip was listed at Rs 155, a premium of 287.50% over the initial public offer (IPO) price. The stock is currently up 0.32% over its listing price.

The counter hit a high of Rs 162.75 and a low of Rs 147.25. About 30.36 lakh shares of the company changed hands at the counter.

Divine Power Energy's IPO was subscribed 369.06 times. The issue opened for bidding on 25 June 2024 and it closed on 27 June 2024. The price band of the IPO is fixed at Rs 36 to 40 per equity share. The IPO comprised fresh issue of 45,22,222 equity shares.

The company intends to utilise the net proceeds to meet the working capital requirements of the company and for general corporate purpose.

Ahead of the IPO, Divine Power Energy on 24 June 2024, raised Rs 6.48 crore from anchor investors. The board allotted 16.20 lakh shares at Rs 40 per share to 5 anchor investor.

Divine Power Energy is a manufacturer of insulated wires and strips for power distribution and transformers. They make winding wires and strips from bare copper and aluminum conductors by insulating them with materials like fiberglass, paper and cotton. Their clients include major power distribution companies in India. The company has 40 permanent employees and hires additional contract workers depending on business needs.

The company recorded revenue from operations of Rs 222.08 crore and net profit of Rs 6.40 crore for the period as on 31 March 2024.

Powered by Capital Market - Live News