Divine Power IPO Day 3: Issue oversubscribed on strong retail, NII demand; check GMP, subscription status, key dates.

  • Divine Power Energy Ltd's IPO, with a lot size of 3,000 shares, is open for subscription until June 27 at a price band of 36 to 40 per share. The company manufactures winding wires/strips for transformers and power distribution companies.

Dhanya Nagasundaram
Updated27 Jun 2024, 04:55 PM IST
Divine Power IPO price band has been fixed in the range of  <span class='webrupee'>₹</span>36 to  <span class='webrupee'>₹</span>40 per equity share, having a face value of  <span class='webrupee'>₹</span>10.
Divine Power IPO price band has been fixed in the range of ₹36 to ₹40 per equity share, having a face value of ₹10.(https://www.dpel.in/)

Divine Power IPO: The initial public offering of Divine Power Energy Ltd began subscriptions on Tuesday, June 25 and will close on Thursday, June 27. The Divine Power IPO has a lot size of 3,000 shares. The Divine Power IPO price band has been fixed in the range of 36 to 40 per equity share, having a face value of 10.

The products that Divine Power Energy Limited manufactures include winding copper/aluminum wire, winding copper/aluminum strip, and bare copper/aluminum wire. Annealing, insulating, and covering wires or strips with paper, cotton, fiberglass, etc. is the process used to create winding wires or strips. Manufacturers of transformers and power distribution companies purchase winding wires/strips coated with paper, crepe paper, and cotton to repair typical wear and tear and build new transformers.

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The firm primarily supplies transformer makers and electricity distribution providers with winding wires. Transformers are essential to the distribution of electricity because they control the voltage from the source of generation to the end user. Before sending electricity to the end user, the transformer steps up the voltages to higher voltages at the generator to minimise power loss during transmission. It also steps down the higher voltage to a lower value if needed.

As per the red herring prospectus (RHP), the company's listed peers are Shera Energy Ltd (with a P/E of 34.17), Bhagyanagar India Ltd (with a P/E of  7.63), Rajnandini Metal Ltd (with a P/E of 19.49), Ram Ratna Wires Ltd (with a P/E of 32.83), and Precision Wires India Ltd (with a P/E of  33.60).

Between March 31, 2024, and March 31, 2023, Divine Power Energy's profit after tax (PAT) climbed by 124.82% and revenue increased by 47.65%, respectively.

Tentatively, Divine Power IPO basis of allotment of shares will be finalised on Friday, June 28, and the company will initiate refunds on Monday, July 1, while the shares will be credited to the demat account of allottees on the same day following refund. Divine Power share price is likely to be listed on NSE SME on Tuesday, July 2.

Also Read: Dindigul Farm Product IPO allotment likely to be out today; Latest GMP, steps to check status

Divine Power IPO subscription status

Divine Power IPO subscription status is 392.64 times, on day 3, so far. 

The retail portion was subscribed 505.93 times, and NII portion was booked 473.59 times. Qualified Institutional Buyers has been booked 135.84 times.

The company has received bids for 1,66,25,04,000 shares against 42,34,222 shares on offer, at 16:51 IST, according to data on chittorgarh.com.

Divine Power IPO subscription status was 17.67 times, on day 1, and the issue was booked 65.75 times on day 2.

Divine Power IPO details

The Divine Power IPO, worth 22.76 crore, consists of a fresh issuance of 5,690,000 equity shares at face value of 10. There is no offer-for-sale component.

The corporation plans to use the issue's proceeds for the following purposes: general corporate purposes and the company's working capital needs.

The Divine Power IPO's book running lead manager is Khambatta Securities Limited, and its registrar is Bigshare Services Pvt Ltd. Nikunj Stock Brokers is Divine Power IPO's market maker.

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Divine Power IPO GMP today

Divine Power IPO GMP today is +61. This indicates Divine Power share price were trading at a premium of 61 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, Divine Power IPO expected listing price was indicated at 101 apiece, which is 152.5% higher than the IPO price of 40.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Also Read: Allied Blenders and Distillers IPO open for subscription today: 10 key risks investors must consider before investing

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:27 Jun 2024, 04:55 PM IST
HomeMarketsIPODivine Power IPO Day 3: Issue oversubscribed on strong retail, NII demand; check GMP, subscription status, key dates.

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