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Powerica IPO, which is valued at ₹1,100 crore, is available for subscription from March 24 to March 27. Powerica IPO price band has been established at ₹375- ₹395, leading to a company valuation of approximately ₹5,000 crore.
On Monday, before the IPO opened, Powerica secured ₹329.40 crore from anchor investors. Shares were distributed to a variety of institutional investors, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Quant Mutual Fund, Bandhan Mutual Fund, as well as insurance companies such as Kotak Life, Edelweiss Life, and Reliance Nippon Life, as outlined in a circular released on the BSE's website.
Powerica specializes in comprehensive power solutions, with a focus on diesel generator sets (DG sets), medium-speed large generators (MSLG), and related services.
Powerica IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors. The employee portion has been reserved shares up to ₹2 crore.
Tentatively, Powerica IPO basis of allotment of shares will be finalised on Monday, March 30 and the company will initiate refunds on Wednesday, April 1, while the shares will be credited to the demat account of allottees on the same day following refund. Powerica share price is likely to be listed on BSE and NSE on Thursday, April 2.
Powerica IPO GMP today
Powerica IPO GMP is ₹4. Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Powerica shares is indicated as ₹399 apiece, which is 1.01% higher than the IPO price of ₹395.
Considering the grey market trends from the previous nine sessions, the present GMP ( ₹4) indicates a downward trend. The minimum GMP recorded is ₹0.00, while the maximum stands at ₹13, as per analysts' views.
'Grey market premium' indicates investors' readiness to pay more than the issue price.
Powerica IPO review
Canara Bank Securities highlighted that the company offers an all-encompassing power solutions platform that combines DG sets, MSLG, and renewable energy, supported by its collaboration with Cummins and its strong manufacturing capabilities. The renewable energy sector contributes to stable cash flows, while MSLG and EPC projects improve growth prospects. Key risks include dependency on Cummins, prolonged development times for MSLG, regulatory challenges in the renewable energy field, and the potential long-term effects on DG sets.
At the maximum price point, the valuation appears attractive in comparison to competitors, and considering its solid market position and growth potential, a “SUBSCRIBE for Long-Term Investment” recommendation is suggested.
Swastika Investmart recommends that applications be submitted carefully, particularly by those who can handle risk and are interested in long-term investments. It is not appropriate for those looking for quick listing profits due to declining earnings and persistent legal challenges. It might be prudent to consider applying for a limited amount only.
As per Equivision, they advise avoiding this issue. The brokerage highlights that the company has a significant concentration in its segments, with 85.00% of projected FY25 revenue stemming from the Generator Set Business. Additionally, fixed-tariff wind PPAs restrict the ability to pass on costs, which may affect margins in the long run. The business is heavily reliant on crucial OEM partnerships, as 70.39% of FY25 revenue is tied to Cummins-powered DG sets; any disruptions or unfavorable changes in this long-established relationship could significantly influence operations and profitability.
Powerica IPO subscription status
Powerica IPO subscription status was 1% on day 1, so far. The retail portion is subscribed 2%, and NII portion has been booked 1%, QIBs portion is yet to receive bids. The employee portion has been subscribed 30%.
The company has received bids for 2,07,866 shares against 2,05,55,171 shares on offer, at 17:00 IST, according to data on BSE.
Powerica IPO details
The company's public offering includes a new issue of shares valued at ₹700 crore, along with a share sale amounting to ₹300 crore by the promoters, as outlined in the red herring prospectus (RHP).
The Offer For Sale (OFS) size has been decreased from the previously announced ₹700 crore, resulting in a total IPO value of ₹1,000 crore instead of the ₹1,400 crore that was originally proposed in the draft documents submitted in August 2025. The Naresh Oberoi Family Trust and the Kabir and Kimaya Family Private Trust intend to sell shares through the OFS.
From the new share issuance, ₹525 crore will be used to decrease the company's debt, with additional funds set aside for general corporate purposes. Powerica has chosen ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management to manage its inaugural public offering, while MUFG Intime India Pvt. Ltd. will act as the registrar for the offering.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
