Divine Power Energy Ltd Shines with 284% Premium on Debut!

On Tuesday, shares of Divine Power Energy Ltd, a manufacturer of insulated wires and strips, made a notable debut by closing with a premium of over 284% against its issue price of Rs 40. The stock was listed at Rs 155 on the NSE SME platform Emerge, ending at Rs 150 by the session's close. The company's market valuation reached Rs 322.01 crore, with 31.44 lakh shares exchanging hands. The IPO, which was subscribed nearly 394 times, aims to meet working capital needs and general corporate purposes. The company posted revenues of Rs 222.08 crore and a profit of Rs 6.4 crore in FY2023-24.

Shares of Divine Power Energy Ltd, a manufacturer of insulated wires and strips, made a remarkable debut on Tuesday, closing with a premium of more than 284 percent against the issue price of Rs 40.

Listed at Rs 155, reflecting gains of 287.50 percent from its issue price on the NSE SME platform Emerge, the stock later settled at Rs 150 apiece, down by 3.23 percent. By the close of the trading session, the company's market valuation stood at Rs 322.01 crore, with 31.44 lakh shares changing hands on the bourse.

Last week, Divine Power Energy's initial public offering (IPO) generated tremendous interest, being subscribed nearly 394 times on its final day, driven by a strong response from retail investors. The Rs 22.76 crore IPO is entirely a fresh issue of 56.90 lakh equity shares, priced between Rs 36-40 per share. The company intends to utilize Rs 18 crore of the IPO proceeds to meet its working capital requirements and plans to use the remaining funds for general corporate purposes.

Incorporated in 2001 and promoted by Rajesh Giri and Vikas Talwar, Divine Power Energy Ltd reported a revenue of Rs 222.08 crore and a profit after tax of Rs 6.4 crore for FY2023-24. The company's clientele include reputable firms such as TATA Power, BSES, Uttar Pradesh Power Corporation Ltd, and Uttarakhand Power Corporation Ltd.

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