In the grey market, shares of the company are seen trading at a slight premium of under 1%, roughly Rs 2 above the issue price of Rs 395. This suggests a potential listing price of around Rs 397.
The company plans to raise Rs 1,100 crore through the issue, comprising a fresh issue of 1.77 crore shares worth Rs 700 crore and an offer for sale of 1.01 crore shares amounting to Rs 400 crore.
Powerica IPO subscription status:
By Day 3, the Powerica IPO was subscribed 1.45 times overall, compared to the 2.05 crore shares on offer, according to BSE data.
Retail Individual Investors (RIIs) subscribed 15% of their allotted 1.02 crore shares. Non-Institutional Investors (NIIs) subscribed 44% of their 43.92 lakh share portion, while Qualified Institutional Buyers (QIBs) showed the strongest demand, bidding 4.50 times for the 58.56 lakh shares reserved for them.
Powerica IPO GMP:
In the grey market, the IPO is trading at a slight premium of under 1%, or Rs 2 above the issue price of Rs 395, suggesting a potential listing price of around Rs 397. However, the grey market premium (GMP) is an unofficial indicator based on informal market activity and does not guarantee the actual listing price or outcome.
About the Powerica IPO
The company has set a price band of Rs 375–395 per share. Retail investors must apply for a minimum lot of 37 equity shares, translating to an investment of Rs 14,615 at the upper price band.
The IPO consists of a fresh issue of shares aggregating up to Rs 700 crore and an offer for sale (OFS) of up to Rs 400 crore. It also includes a reservation of up to Rs 2 crore for eligible employees and an anchor investor portion of 83,39,239 equity shares.Eligible employees are being offered a discount of Rs 37 per share. The allocation structure earmarks 50% for qualified institutional buyers (QIBs), up to 35% for retail investors, and 15% for non-institutional investors (NIIs).
Ahead of the issue, the company raised Rs 329.39 crore from anchor investors on Monday.
Utilisation of Proceeds
Out of the net proceeds, Rs 525 crore will be used to repay borrowings, while Rs 175 crore will be allocated for general corporate purposes. The proceeds from the OFS will go to the selling shareholders.
About Powerica
Powerica is a full-spectrum power solutions provider, primarily focused on diesel generator (DG) sets used for both primary and backup applications. The company has been an Original Equipment Manufacturer (OEM) partner for Cummins India Ltd for over 40 years.
It manufactures DG sets along with key components such as acoustic enclosures, fuel and exhaust systems, and customised control panels. Building on its expertise, Powerica entered the wind energy space in 2008 as an Independent Power Producer (IPP). It later diversified into Engineering, Procurement, and Construction (EPC) services, as well as Operation and Maintenance (O&M) solutions for Balance of Plant (BoP) projects.
Through its associate company, Platino Automotive, Powerica also operates in the Retrofit Emission Control Devices (RECD) segment, offering solutions to reduce emissions from existing DG sets.
Powerica Financials
In H1FY26, the company reported revenue from operations of Rs 1,447 crore and a profit after tax (PAT) of Rs 129 crore. For FY25, revenue stood at Rs 2,653 crore, compared to Rs 2,210 crore in FY24 and Rs 2,378 crore in FY23.
Powerica IPO lead managers
The Book Running Lead Managers (BRLMs) are ICICI Securities Ltd, IIFL Capital Services Ltd, Nuvama Wealth Management Ltd while the registrar to the issue is MUFG Intime India Pvt Ltd.
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