New Delhi, Jul 2 (KNN) Divine Power Energy Ltd (DPEL), a New Delhi-based manufacturer of insulated copper and aluminium wires, made a remarkable debut on the NSE Emerge platform today.

The company's shares opened at Rs 155, representing a substantial 288 per cent premium over the initial public offering (IPO) price of Rs 40.

The IPO, which aimed to raise Rs 22.76 crore, garnered significant investor interest during its subscription period that concluded on June 27.

The offering was oversubscribed by 368.66 times, with Qualified Institutional Buyers (QIBs) subscribing 153.09 times, Non-Institutional Investors (NIIs) 529.73 times, and Retail Individual Investors (RIIs) 567.59 times. The total bids received exceeded Rs 6,700 crore.

DPEL's public offering comprised a fresh issue of 5.68 million equity shares.

The company allocated 1.62 million shares to anchor investors, including Imvesta Growth Scheme, Saint Capital Fund, Zinnia Global Fund PCC – Nolana, Craft Engineering Market Fund PCC – Citadel Capital Fund, and India Ahead Venture Fund.

The firm intends to utilise Rs 18 crore from the IPO proceeds for working capital requirements, with the remainder earmarked for general corporate purposes.

DPEL specialises in manufacturing paper, crepe paper, and fibreglass insulated copper and aluminium wires, which it supplies to discoms and transformer manufacturers.

The company also trades in super enamelled wires and strips used in transformer assembly and repair. Its operations are primarily concentrated in North India, covering Uttar Pradesh, Delhi, Uttarakhand, Haryana, Punjab, and Bihar.

As of 11:31 AM, DPEL's stock was trading at Rs 154 per share, slightly below its opening price, representing a marginal decrease of 0.65 per cent.

Meanwhile, the NSE benchmark index was up 0.18 per cent at 24,185 points.

The strong market response to DPEL's IPO and its impressive listing reflect investor confidence in the company's business model and growth prospects in the power infrastructure sector.

(KNN Bureau)