New Delhi-based Divine Power Energy Limited Filed DRHP with NSE Emerge

News Desk, News Nation 360 : One of the top producers of insulated wires and strips, Divine Power Energy Limited (The Company or DPEL), announced the submission of its Draft Red Herring Prospectus (DRHP) to NSE Emerge. A new issue of equity shares with a face value of Rs. 10/-apiece is included in the initial public offering (IPO), with a total value of up to Rs. 22.5 crore. Bigshare Services Private Limited is the registrar for the issue, and Khambatta Securities Limited is the book running lead manager, according to the company. Discoms and transformer manufacturers purchase copper and aluminium wires and strips that are insulated with paper, crepe paper and fibreglass from DPEL. The business also sells super enamelled strips and wires. Transformer assembly and repair frequently involve the use of these products. The company is well-known throughout North India, including Punjab, Haryana, Uttarakhand, Delhi, Uttar Pradesh, and Bihar. The company, which is based in New Delhi, plans to use Rs. 17 crore of the offering's net proceeds for working capital needs. The company intends to use Rs. 7 crore in FY2025 and Rs. 10 crore in the current fiscal year. The remaining funds will be used for issue-related costs and general corporate purposes. With an installed capacity of 300 metric tonnes of aluminium and 400 metric tonnes of copper per month, the company runs a state-of-the-art manufacturing facility. The plant's advantageous location in Ghaziabad and ample storage space allow it to maintain raw material and finished product inventories, guaranteeing the stability of its operations. In order to satisfy rising demand in both current and new markets, DPEL intends to increase production of its current product line and expand its product offering. Reputable customers like TATA Power Limited, BSES, Uttar Pradesh Power Corporation Limited, Uttarakhand Power Corporation Limited, and others are among the companies to which the company supplies its goods. Reputable and well-known suppliers, including Birla Copper, Hindalco Aluminium, and NALCO, are the sources of its raw materials. To guarantee the quality of its products, the company uses an internal quality control lab equipped with testing machinery. Strict quality checks are performed on its finished goods to guarantee that the highest industry standards are fulfilled. DPEL reported first-half fiscal year earnings of Rs. 2.19 crore and total revenue of Rs. 102.95 crore, with the current fiscal year ending on September 30, 2023. In FY23, the company's revenue was Rs. 150.84 crore, up from Rs. 122.90 crore in FY22. It increased its profit (PAT) from Rs. 90.16 lakh in the previous fiscal year to Rs. 2.85 crore in FY2022-23.