Divine Power Energy Limited’s (IPO) opens on June 25, 2024, and closes on June 27, 2024. The allotment for the Divine Power IPO is anticipated to be completed on Friday, June 28, 2024. The IPO will be listed on the NSE and SME, with a tentative listing date set for Tuesday, July 2, 2024.
The price band for the Divine Power IPO is set at Rs 36 to 40 per share. The IPO is a book-built issue of Rs 22.76 crores, entirely a fresh issue of 56.9 lakh shares.
Divine Power IPO Details
| IPO Date | June 25, 2024 to June 27, 2024 |
| Listing Date | [.] |
| Face Value | Rs 10 per share |
| Price | Rs 36 to Rs 40 per share |
| Lot Size | 3000 Shares |
| Total Issue Size | 5,690,000 shares (aggregating up to Rs 22.76 Cr) |
| Fresh Issue | 5,690,000 shares (aggregating up to Rs 22.76 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | NSE SME |
| Shareholding pre issue | 15,779,080 |
| Shareholding post issue | 21,469,080 |
| Market Maker portion | 288,000 shares |
Divine Power IPO Lot Size
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 3000 | Rs 120,000 |
| Retail (Max) | 1 | 3000 | Rs 120,000 |
| HNI (Min) | 2 | 6000 | Rs 240,000 |
Divine Power IPO Objectives
The objectives of the Issue are:
- To meet its working capital requirements
- Capital for general corporate purposes
About Divine Power Energy Limited
Divine Power Energy Limited (formerly known as PDRV Enterprises Pvt Limited), incorporated in 2001, is a leading manufacturer of insulated and bare copper and aluminum wires and strips in India.
The company has supplied fiberglass-covered wires and strips to markets in Punjab, Bangalore, and Ahmedabad. It also sees potential in markets like Maharashtra.
Divine Power Energy Limited’s clients include Tata Power Limited, Paschimanchal Vidyut Vitran Nigam Limited, BSES, Madhyanchal Vidyut Vitran Nigam Limited, Dakshinanchal Vidyut Vitran Nigam Limited, Purvanchal Vidyut Vitran Nigam Limited, and Uttarakhand Power Corporation Limited.
The company’s manufacturing facility is located in Sahibabad, Ghaziabad.
Divine Power Energy Limited Financial Information
Divine Power Energy Limited’s revenue increased by 47.65% and profit after tax (PAT) rose by 124.82% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 8,889.24 | 7,253.31 | 6,276.46 |
| Revenue | 22,272.00 | 15,084.20 | 12,290.38 |
| Profit After Tax | 640.59 | 284.94 | 80.51 |
| Net Worth | 2,556.53 | 1,915.94 | 1,246.00 |
| Reserves and Surplus | 978.62 | 338.03 | 1,231.72 |
| Total Borrowing | 5,785.44 | 4,763.84 | 4,466.34 |
Divine Power IPO Timeline
| IPO Open Date | Tuesday, June 25, 2024 |
| IPO Close Date | Thursday, June 27, 2024 |
| Basis of Allotment | Friday, June 28, 2024 |
| Initiation of Refunds | Monday, July 1, 2024 |
| Credit of Shares to Demat | Monday, July 1, 2024 |
| Listing Date | Tuesday, July 2, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 27, 2024 |
Conclusion
Divine Power Energy Limited’s IPO opens on June 25, 2024, and closes on June 27, 2024, with a price band of Rs 36 to Rs 40 per share. The IPO aims to raise Rs 22.76 crores through a fresh issue of 5.69 million shares. The company, which manufactures insulated and bare copper and aluminum wires and strips, plans to use the funds for working capital and general corporate purposes. The IPO will be listed on the NSE SME, with the tentative listing date set for July 2, 2024. Divine Power Energy Limited has shown strong financial growth, with a 47.65% increase in revenue and a 124.82% rise in profit after tax from FY 2023 to FY 2024.
