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17 Mar 2026
Mumbai-based diesel and gas generator sets manufacturing company Powerica has filed Red Herring Prospectus with Registrar of Companies on March 17, intimating that its Rs 1,100-crore initial share sale hitting the capital markets on March 24.
This would be the third company launching IPO on the same date after Sai Parenteral's, and Amir Chand Jagdish Kumar (Exports). With this, the total fund raising by found IPOs in the mainboard segment next week would be nearly Rs 3,800 crore.
Powerica aims to raise Rs 700 crore by issuing new shares, while promoters will be selling shares worth Rs 400 crore via offer-for-sale.
The offer-for-sale size has been reduced from Rs 700 crore earlier and the total IPO size was Rs 1,400 crore as per the Draft Red Herring Prospectus filed in August 2025. Subsequently, the draft papers were cleared by SEBI in December 2025.
The company has reserved Rs 2 crore worth shares of the IPO for its employees.
The IPO anchor book will be opened for a day on March 23, and the offer will close for public subscription on March 27. The IPO share allotment will be finalised by March 30, while the participants can start trading in Powerica shares on the bourses effective April 2.
Half of the net offer size has been reserved for qualified institutional buyers, 15 percent for non-institutional investors, and 35 percent for retail investors.
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The power solutions provider intends to spend Rs 525 crore of proceeds from the fresh issue for repayment of certain debt, and the remainder funds for general corporate purposes.
As of February 2026, it has total outstanding borrowings from banks of Rs 1,214.25 crore.
Powerica that commenced diesel generator sets business in 1984, and later expanded portfolio to include medium speed large generators (MSLG) in 1996 provides generator sets with capacities ranging from 7.5 kVA to 10,000 kVA. Its business comprises diesel generator sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and certain allied business activities.
The company also operates as an engineering, procurement and construction (EPC) contractor as well as an operation and maintenance (O&M) service provider for balance of plant in the wind power sector. Currently, it owns and operates 12 wind power projects in Gujarat, with a total installed capacity of 330.85 MW, and in addition to that, it is constructing a wind power project of 52.70 MW in Gujarat.
Powerica that earned over 80.5 percent of business from generator set business division and remainder from wind power segment has posted profit of Rs 129 crore in six months period ended September 2025 on revenue of Rs 1,447.44 crore.
Profit in the fiscal 2025 was Rs 166.8 crore, falling 26.3 percent from Rs 226.3 crore in previous year, may be impacted by lower other income which dropped to Rs 57.7 crore from Rs 146.8 crore in the same period. Revenue during the same years increased 20 percent to Rs 2,653.3 crore, from Rs 2,210 crore.
ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management are acting as the merchant bankers for the Powerica IPO.
