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Divine Power Energy, Manufacturer of Copper, Aluminium Products Plans IPO

Divine Power Energy Ltd., a Delhi-based manufacturer of Copper & Aluminium strips and wires, has filed its Draft Red Herring Prospectus (DRHP) with National Stock Exchange’s (NSE) EMERGE platform.

Divine Power Energy targets raising Rs. 22.50 crore through a fresh issue. The DHRP filed by the company does not specify number of shares to be issued, but mentions that each of these shares will have a face value of Rs. 10 each. Up to 50% of the issue will be available for Qualified Institutional Buyers (QIBs), a minimum of 15% of the shares will be available for Non-Institutional Investors, and not less than 35% of the issue will be available for retail investors to subscribe.

The company will utilise Rs. 17 crore out of the total the proceeds of the IPO to meet working capital expenses. Out of this, Rs. 10 crore will be utilised in FY-24, while Rs. 7 crore will be used during FY-25. The remaining amount (not more than 25% of the total proceeds) will be used towards ‘general corporate expenses’.

In FY-23, the company’s top line amounted to Rs. 150.59 crore, which the company plans to double to Rs. 300 crore by March 2025, and further to Rs. 400 crore by March 2026.