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The issue was subscribed 1.53 times overall, led by strong institutional interest. The qualified institutional buyers (QIB) portion was subscribed 4.74 times, while the non-institutional investor (NII) segment saw 47% subscription. The retail portion was subscribed 16%
By Meghna Sen
Shares of Powerica Ltd. are set to list on the exchanges on Thursday, April 2, after its ₹1,100 crore IPO saw healthy subscription between March 24 and March 27.
Ahead of its debut, the company's shares were quoting a grey market premium (GMP) of ₹10, indicating a potential upside of around 2.53% over the issue price.
However, GMP is only an informal indicator of demand in the unlisted market and can change rapidly.
The issue was subscribed 1.53 times overall, led by strong institutional interest. The qualified institutional buyers (QIB) portion was subscribed 4.74 times, while the non-institutional investor (NII) segment saw 47% subscription. The retail portion was subscribed 16%.
Powerica had fixed a price band of ₹375 to ₹395 per share. Retail investors could bid for a minimum lot of 37 shares and in multiples thereafter.
At the upper end of the price band, the company is expected to command a post-issue market capitalisation of ₹4,998.6 crore.
The IPO comprised a fresh issue of ₹700 crore and an offer for sale (OFS) of ₹400 crore.
Of the fresh issue proceeds, ₹525 crore will be used towards debt repayment, with the remainder allocated for general corporate purposes. As of February 2026, total borrowings stood at ₹1,214.25 crore.
Powerica began its diesel generator sets business in 1984 and entered the medium-speed large generators (MSLG) segment in 1996. It currently offers generator sets ranging from 7.5 kVA to 10,000 kVA.
Its portfolio includes diesel generator sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and related services.
The company derives over 80.5% of its revenue from the generator set division, with the rest coming from its wind power segment. It reported a profit of ₹129 crore on revenue of ₹1,447.44 crore for the six months ended September 2025.
For FY25, profit declined 26.3% to ₹166.8 crore from ₹226.3 crore in the previous year, primarily due to a fall in other income to ₹57.7 crore from ₹146.8 crore. Revenue, however, rose 20% to ₹2,653.3 crore from ₹2,210 crore.
ICICI Securities, IIFL Capital and Nuvama Wealth Management are the book-running lead managers to the issue, while MUFG Intime India is the registrar.
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