Power solutions provider Powerica fixes price band for ₹1,100 crore IPO

Powerica's IPO will be a combination of a fresh issue of shares worth ₹700 crore, along with an Offer For Sale (OFS) component worth ₹400 crore.

By Meghna Sen

Powerica Ltd., a Mumbai-based power solutions provider, has fixed the price band for its upcoming ₹1,100 crore initial public offering (IPO) on Wednesday, March 18.

The company has fixed the price band of its IPO between ₹375 to ₹395 per share. The issue will open for subscription on March 24, and close on March 27. The IPO anchor book will be opened for a day on March 23.

Powerica's IPO will be a combination of a fresh issue of shares worth ₹700 crore, along with an Offer For Sale (OFS) component worth ₹400 crore.

The OFS size has been reduced from ₹700 crore earlier and the total IPO size was ₹1,400 crore as per the Draft Red Herring Prospectus filed in August last year. Subsequently, the draft papers were cleared by SEBI in December 2025.

50% of the issue has been reserved for Qualified Institutional Bidders (QIBs), 15% for non institutional investors, and the remaining 35% of the issue is reserved for retail investors.

Retail investors can bid for one lot of 37 shares, which will entail a minimum investment of ₹14,615. Bids can then be made in multiples of 37 shares thereafter. Eligible employees will also have a discount of ₹37 per share.

At the upper end of the price band, Powerica is likely to have a post-issue market capitalisation of ₹4,998.6 crore.

The power solutions provider aims to spend ₹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 ₹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.

Powerica that earned over 80.5% of business from generator set business division and remainder from wind power segment has reported profit of ₹129 crore in six months period ended September 2025 on revenue of ₹1,447.44 crore.

Profit in the fiscal 2025 was ₹166.8 crore, falling 26.3% from ₹226.3 crore in previous year, may be impacted by lower other income which dropped to ₹57.7 crore from ₹146.8 crore in the same period.

Revenue during the same years increased 20% to ₹2,653.3 crore, from ₹2,210 crore.

ICICI Securities, IIFL Capital, and Nuvama Wealth Management are the Book Running Lead Managers for the issue. MUFG Intime India is the registrar.

Allotment of shares will take place on March 30, while the stock is likely to make its debut on the bourses on April 2.