Divine Power Energy files for IPO

New Delhi: Insulated wires and strips maker Divine Power Energy has filed preliminary papers to raise funds through an initial public offering. The initial public offering (IPO) is entirely a fresh issue of equity shares having face value of Rs10 each, aggregating up to Rs22.5 crore, according to the Draft Red Herring Prospectus (DRHP). Divine Power Energy Ltd (DPEL) announced the filing of its preliminary papers with NSE Emerge, a company statement said. The company intends to utilise Rs17 crore of the proceeds for working capital requirements, general corporate purposes and issue-related expenses. The company manufactures copper and aluminium wires/strips insulated with paper, crepe paper, and fiberglass. It also trades super enamelled wires and strips. These products are commonly used in assembly and repair of transformers. The company has a significant presence in North India, including Uttar Pradesh, Delhi, Uttarakhand, Haryana, Punjab and Bihar.