Divine Power Energy IPO price band fixed at ₹36-40: check issue size, key dates and other details

Divine Power Energy IPO: The The price band for the Initial Public offering of the New Delhi  based Divine Power Energy Ltd has been fixed at ₹36-40. The Issue opens for subscription on Tuesday 25 June 2024

Divine Power Energy IPO; Key Dates

 The Small and Medium Enterprises (SME) IPO that opens on 25 June'2024, will be available for subscription for investors till 27 June 2024. Opening day for Anchor Book is Monday, June 24.' 2024.

On Friday, June 28, 2024, the allotment for the Divine Power IPO is anticipated to be completed. The NSE SME will host the Divine Power IPO, with a provisional listing date of Tuesday, July 2, 2024.

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Divine Power Energy IPO; Application Details

Since the issue has a set price range of Rs. 36 to Rs. 40 per share, with a lot size of 3,000 equity shares, the retail investors need to invest ₹120,000. HNI investments require a minimum lot size of two lots, or 6,000 shares, totaling ₹240,000.

Not less than 35% of the Net Issue is reserved for retail investors. i.e at least 18,90,000 Equity Shares are being offered to retail investors from a total of ) 56,88,000 Equity Shares.

Divine Power Energy IPO: objectives of the issue

The Divine Power Energy Limited’s IPO consists of a new offering of Equity Shares with a face value of Rs. 10 per share, up to a total of Rs. 22.76 crore.

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Of the net IPO proceeds, Divine Power Energy Ltd says it would use Rs. 18 crore to cover its working capital needs and intends to use the remaining funds for general corporate reasons.

About Divine Power Energy Ltd

  Discoms and transformer makers purchase copper and aluminum wires and strips that are insulated with paper, crepe paper, and fiberglass from Divine Power Energy Ltd.

Super enameled wires and strips, which are frequently used in transformer installation and repair, are also traded by the company. It is widely distributed throughout North India, including Delhi, Uttarakhand, Punjab, Haryana, and Bihar.

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Divine Power Energy IPO: Lead Managers and Registrar

Khambatta Securities Limited is the Book Running Lead Manager, and Bigshare Services Private Limited is the Registrar to the offer

Divine Power Energy IPO Grey Market Premium or GMP

According to Investorgain.com, the Divine Power Energy IPO Grey Market Premium, or GMP, is presently at ₹25 per share. This indicates that equity shares of Divine Power Energy are currently being valued on the grey market at a premium of ₹25, or 62.5%, above the issue price of ₹40. Thus, the Divine Power  Energy shares thereby are priced at ₹62.50 in the Grey Market