Danish Power IPO Day 3: Issue Booked More Than 100 Times; Check Latest GMP
The grey market premium (GMP) on the Danish Power IPO was Rs 300 as of 5:24 p.m. on Oct. 24.
The initial public offering of Danish Power Ltd. which concluded its subscription period today, was subscribed over 120 times on Thursday. The SME IPO was subscribed 21.34 times on Wednesday and 4.19 times on Tuesday. The subscription window for this public offer, the biggest in the small and medium enterprises (SME) segment, had opened on Oct. 22.
The Danish Power IPO is an entirely fresh issue of 52.08 lakh shares worth Rs 197.90 crore.
Danish Power IPO Subscription Status: Day 3
The Danish Power IPO was subscribed 126.65 times as of 6:20 p.m. on Thursday.
Qualified institutional buyers: 104.79 times
Non-institutional investors: 275.92 times.
Retail investors: 79.88 times.
Danish Power IPO GMP Today
The grey market premium (GMP) on the Danish Power IPO was Rs 300 as of 5:24 p.m. on Oct. 24, indicating a listing at a premium of 78.95% over the issue price. As per InvestorGain, shares of Danish Power Ltd. are expected to list at Rs 680 apiece.
Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.
Danish Power IPO Details
The allotment of shares in the Danish Power IPO is likely on Oct. 25. The shares will be credited to the demat accounts of successful bidders on Oct. 28. Refunds for those who fail to secure allotment in Danish Power IPO will also be initiated on the same day.
Shares of Danish Power are likely to list on Oct. 29 on the NSE SME platform, Emerge.
The Danish Power IPO price band has been set at Rs 360-380 per share. Retail investors are required to buy at least 300 shares in a single lot, totalling a minimum investment of Rs 1.14 lakh per application.
Link Intime India Pvt. is the registrar for the Danish Power IPO. Hem Securities Ltd. is the book-running lead manager of the issue and Hem Finlease is the market maker.
Danish Power: Business And Financials
Danish Power produces different types of transformers including inverter duty transformers and oil and dry type power and distribution transformers. The company also manufactures control relay panels and provides substation automation services.
It has two manufacturing units in Jaipur: One at the Sitapura Industrial Area and the other at Mahindra World City.
The company’s clientele includes Tata Power Solar System Ltd., Jakson Green Pvt., Waaree Renewable Technologies Ltd., ABB India Ltd. and Torrent Power Ltd.
Use Of Proceeds
Danish Power will use the proceeds from the IPO to fund the capital expenditure on building a shed and installing an additional plant and machinery at its Mahindra World City unit.
The company will also use the funds for working capital requirements, repayment of debt and general corporate purposes.
Financials
Danish Power posted a revenue of Rs 72.73 crore for the quarter ended June in the current financial year, while its profit after tax stood at Rs 9.98 crore. In fiscal year 2024, the revenue was recorded at Rs 334.63 crore with Rs 38.07 crore PAT.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
