Divine Power Energy Ltd to Launch IPO: Aiming to Raise Rs 22.76 Crore

Divine Power Energy Ltd, a manufacturer of insulated wires and strips, plans to raise Rs 22.76 crore through an initial public offering. The IPO will be open for subscription from June 25-27 with a price band of Rs 36-40 per share and plans to utilize the funds for working capital and corporate purposes.

Divine Power Energy Ltd, a leading manufacturer of insulated wires and strips, announced plans to raise approximately Rs 22.76 crore through an initial public offering (IPO). The public subscription will be available from next week, spanning from June 25 to June 27, with a price band set at Rs 36-40 per share.

The company received the green light to list its public issue on NSE's Emerge Platform. Specifically, the IPO comprises entirely of fresh issuance, offering 56.90 lakh equity shares. At the upper price band, the company aims to gather around Rs 22.76 crore.

Of the net proceeds, DPEL intends to allocate Rs 18 crore to meet working capital needs, with the remaining funds directed towards general corporate purposes. Investors are required to place bids for a minimum of 3,000 shares and in multiples thereof.

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