Divine Power IPO subscribed 369x at NSE-Emerge

The IPO of Divine Power Energy (DPEL), a manufacturer of insulated wires and strips, was subscribed a whopping 369 times at NSE Emerge platform.

The company has launched the ₹22.76-crore IPO at a price band of ₹36-40. The New Delhi-headquartered company’s IPO comprised a fresh issue of 56.88 lakh shares. It had raised ₹6.48 crore from anchor investors, ahead of the issue.

While the QIB portion was subscribed nearly 136 times, retail investors were the most aggressive by subscribing 508 times. The quota for non-institution (HNIs) was subscribed about 474 times.

Use of funds

DPEL proposes to utilise ₹18 crore of the net IPO proceeds to meet its working capital requirements and plans to use the remaining capital for general corporate purposes.

The company manufactures insulated and bare wires as well as strips with copper and aluminium; operates a cutting-edge manufacturing facility at Ghaziabad.