Danish Power IPO Sees 0.27 Times Subscription on Day 1 at 11:14 AM

The Danish Power IPO opened for subscription today, October 22, 2024, and will close on October 24, 2024. Allotments for the Danish Power IPO are expected to be finalised on Friday, October 25, 2024. The shares are expected to be listed on Tuesday, October 29, 2024, on NSE SME.

The price band for the Danish Power IPO is set between ₹360 and ₹380 per share. The minimum application lot size is 300 shares, requiring a minimum investment of ₹1,14,000 from retail investors.

As of 8:58 AM on October 22, 2024, the Danish Power IPO GMP is ₹265.

Danish Power IPO – Subscription Status

On Day 1, October 22, 2024, as of 11:14 AM Danish Power IPO was subscribed 0.27 times where the retail category was subscribed 0.46 times, QIB was 0.00 times, and NII was 0.22 times.

Danish Power IPO – Objects of the Issue

The company proposes to utilise the net proceeds from the offer towards funding the following objects:

• To fund the capital expenditure towards expansion of the manufacturing facility of the company by building of factory shed and installation of additional plant and machinery therein
• To meet working capital requirements 
• For the prepayment or repayment of certain outstanding borrowings availed by the company
• For general corporate purpose

About Danish Power Limited

Danish Power specialises in manufacturing various types of transformers, including inverter-duty transformers for renewable energy projects such as solar and wind power plants, as well as oil and dry-type power and distribution transformers. 

The company also produces control relay panels and provides substation automation services. These products are essential for the efficient transmission and distribution of electrical power across multiple sectors, including renewable energy EPC projects, power generation plants, power transmission, electricity substations, and utilities. 

Their customers include notable companies such as Tata Power Solar System Ltd, Jakson Green Private Limited, Waaree Renewable Technologies Limited, Torrent Power Limited and ABB India Limited.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.