Danish Power
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Oct 2024 – 24 Oct 2024
- Listing date
- 29 Oct 2024
- Face value
- ₹10 per share
- Issue price
- ₹380 per share
- Lot size
- 300 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹198 Cr
- Market cap at offer price
- ₹748 Cr
- Promoter holding
- 99.99% → 73.55% pre-issue → post-issue
- ISIN
- INE0YU901016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- DTA-02-07-08, DTA Phase-II, PO, Mahindra World City, Sanganer, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 14,64,000 | — | — |
| Market maker | 2,60,700 | — | — |
Application size
Minimum 300 shares per lot, in multiples, at ₹380
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 300 | ₹1,14,000 |
| S-HNI (min) | 2 | 600 | ₹2,28,000 |
| S-HNI (max) | 8 | 2,400 | ₹9,12,000 |
| B-HNI (min) | 9 | 2,700 | ₹10,26,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 26.29 | 20.28 |
| P/E (×) | 14.45 | 18.74 |
| Market cap | — | ₹748 Cr |
Key performance indicators
- Return on net worth
- 10.85%
- ROCE
- 12.30%
- Debt / equity
- 0.27
- PAT margin
- 14.58%
- NAV per share
- ₹63.53
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Danish Power
Danish Power Limited, incorporated on July 10, 1985 in Jaipur, Rajasthan as Danish Private Limited (renamed Danish Power Private Limited on July 08, 2024 and converted into a public limited company as Danish Power Limited on July 22, 2024), manufactures a range of electrical power equipment: inverter duty (multi-winding) transformers up to 20 MVA/33 kV class for solar plants and wind turbine generators, distribution transformers up to 5 MVA/33 kV class (mineral oil and ester fluid, plus dry type cast resin units up to 5000 kVA), power transformers up to 63 MVA/132 kV class, and control relay panels up to 400 kV class together with SCADA substation automation. The company operates two manufacturing facilities in Jaipur — at Sitapura Industrial Area and at Mahindra World City (operations started 2022) — with a combined installed capacity of around 4,681 MVA per annum for transformers and 576 units per annum for control relay panels, supported by a NABL-accredited testing laboratory and a workforce of approximately 346 employees as of June 30, 2024. It earns money by supplying these products business-to-business against customer purchase orders (no long-term contracts) to renewable EPC contractors, utilities and industrial customers such as Tata Power Solar Systems Ltd, Waaree Renewable Technologies Ltd, Jakson Green Pvt Ltd, ABB India Ltd and Torrent Power Ltd; domestic sales contributed about 94–98% of revenue in recent periods with exports of about 2–6%. Standalone revenue from operations grew from Rs. 14,863.36 lakhs (FY2022) to Rs. 33,247.67 lakhs (FY2024) with PAT of Rs. 3,807.36 lakhs in FY2024, and the order book stood at around Rs. 37,125.68 lakhs as of September 30, 2024. During FY2024-25 the company acquired wholly-owned subsidiary Evernest Shelter Private Limited (its material subsidiary) for Rs. 3,050 lakhs as part of capacity-expansion plans; IPO proceeds are earmarked for capex expansion, working capital, repayment of borrowings and general corporate purposes, with listing proposed on the SME Platform of NSE (NSE Emerge).
Company Analysis
from RHPDanish Power Limited is an ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified manufacturer of different types of transformers — including inverter duty transformers used in renewable power projects like solar plants and wind farms — oil and dry type power and distribution transformers, and control relay panels along with substation automation services, spanning the electrical-equipment/power and renewable-energy industries.
Danish Power Limited, incorporated on July 10, 1985 in Jaipur, Rajasthan as Danish Private Limited (renamed Danish Power Private Limited on July 08, 2024 and converted into a public limited company as Danish Power Limited on July 22, 2024), manufactures a range of electrical power equipment: inverter duty (multi-winding) transformers up to 20 MVA/33 kV class for solar plants and wind turbine generators, distribution transformers up to 5 MVA/33 kV class (mineral oil and ester fluid, plus dry type cast resin units up to 5000 kVA), power transformers up to 63 MVA/132 kV class, and control relay panels up to 400 kV class together with SCADA substation automation. The company operates two manufacturing facilities in Jaipur — at Sitapura Industrial Area and at Mahindra World City (operations started 2022) — with a combined installed capacity of around 4,681 MVA per annum for transformers and 576 units per annum for control relay panels, supported by a NABL-accredited testing laboratory and a workforce of approximately 346 employees as of June 30, 2024. It earns money by supplying these products business-to-business against customer purchase orders (no long-term contracts) to renewable EPC contractors, utilities and industrial customers such as Tata Power Solar Systems Ltd, Waaree Renewable Technologies Ltd, Jakson Green Pvt Ltd, ABB India Ltd and Torrent Power Ltd; domestic sales contributed about 94–98% of revenue in recent periods with exports of about 2–6%. Standalone revenue from operations grew from Rs. 14,863.36 lakhs (FY2022) to Rs. 33,247.67 lakhs (FY2024) with PAT of Rs. 3,807.36 lakhs in FY2024, and the order book stood at around Rs. 37,125.68 lakhs as of September 30, 2024. During FY2024-25 the company acquired wholly-owned subsidiary Evernest Shelter Private Limited (its material subsidiary) for Rs. 3,050 lakhs as part of capacity-expansion plans; IPO proceeds are earmarked for capex expansion, working capital, repayment of borrowings and general corporate purposes, with listing proposed on the SME Platform of NSE (NSE Emerge).
Objects of the Issue
- Funding capital expenditure towards expansion of the manufacturing facility by building of factory shed and installation of additional plant and machinery therein Rs. 3699.47 lakhs p.82
- To meet working capital requirements Rs. 8500.00 lakhs p.82
- Repayment/prepayment of certain borrowings availed by the Company, in part or full Rs. 2,000.00 lakhs p.82
- General Corporate Purpose (utilization capped at 25% of Gross Proceeds) [●] p.82
Issue Structure
- Total Issue
- Initial Public Offer of upto 52,08,000 Equity Shares of face value Rs. 10/- each at an Issue Price of Rs. [●] per Equity Share, aggregating up to Rs. [●] lakhs; Public Issue constitutes 26.45% of post-issue paid-up equity share capital
- Fresh Issue
- Entire issue is a fresh issue of up to 52,08,000 Equity Shares aggregating up to Rs. [●] lakhs, comprising Market Maker Reservation Portion of 260,700 Equity Shares, Employee Reservation Portion of upto 64,500 Equity Shares and Net Issue to Public of 48,82,800 Equity Shares (Net Issue = 24.80% of post-issue paid-up capital)
- Offer for Sale
- Nil
- Price Band
- Floor Price Rs. [●] and Cap Price Rs. [●]; to be decided by the Company in consultation with the BRLM and advertised at least two working days prior to the Bid/Issue Opening Date
- Lot Size
- Minimum Bid Lot of [●] Equity Shares and in multiples of [●] Equity Shares thereafter (to be decided)
- Face Value
- Rs. 10/- per Equity Share
Business Model
Earns revenue from the manufacture and B2B sale of transformers and control relay panels/substation automation against customer purchase orders (RFQ-quotation-work-order model, no long-term customer agreements), predominantly to solar/wind EPC players, power utilities and large industries; sales are largely domestic (~94–98% of revenue) with a smaller export component (~2–6%), and the business is working-capital intensive with major raw material costs in CRGO electrical steel, copper and aluminium.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dinesh Talwar | Promoter | 88.31% | 64.96% |
| Shivam Talwar | Promoter | 7.54% | 5.55% |
| Puneet Sandhu Talwar | Promoter | 0.00% | 0.00% |
| Dinesh Talwar HUF | Promoter Group | 4.14% | 3.05% |
Leadership
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