Divine Power Energy makes stellar mkt debut, lists at 288% premium on NSE

Divine Power Energy Ltd (DPEL) made a stellar debut on the NSE Emerge platform today, listing at Rs 155 per share, a premium of 288 per cent over issue price of Rs 40.

The New Delhi-headquartered company floated the initial public offering to raise Rs 22.76 and intends to use Rs 18 crore from the IPO proceeds to meet the working capital requirements and plans to use the remaining capital for general corporate purposes.

The IPO saw massive investor demand last week, with QIBs subscribing 153.09 times, NIIs 529.73 times, and RIIs 567.59 times, totaling 368.66 times overall, by the final day of bidding on June 27, raising bids exceeding Rs. 6,700 crore.

The New Delhi-headquartered company's IPO comprised a fresh issue of 5.68 million equity shares. As many as 1.62 million equity shares were set aside for anchor investors, 1.08 million equity shares for QIBs, 8.1 Lakh equity shares for HNIs, and the Retail (RII) portion accounts for 1.89 million equity shares.

The company's anchor investor’s list included Imvesta Growth Scheme, Saint Capital Fund, Zinnia Global Fund PCC – Nolana, Craft Engineering Market Fund PCC – Citadel Capital Fund, and India Ahead Venture Fund.

DPEL manufactures copper and aluminium wires insulated with paper, crepe paper, and fibreglass 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.

At 11:31 AM; the stock of the company was trading slighlt lower to its opening price, down 0.65 per cent at Rs 154 per share. In comparison, the NSE was trading 0.18 per cent higher at 24,185 levels.