Powerica IPO sees weak demand on Day 2, subscribed 2% so far

Powerica initial public offer (IPO) got subscribed 2 percent on the second day of share-sale on Wednesday, so far. The initial share sale of power solutions provider received bids for more than 5 lakh shares against 2.05-crore shares on offer, as per NSE data till 4:24 pm.

The portion meant for Retail Individual Investors (RIIs) got subscribed 4 percent and non-institutional investors received 1 percent subscription.

Earlier, it garnered Rs 329.40 crore from anchor investors on Monday.

Powerica's Rs 1,100-crore public offering will conclude on March 27. The price band has been fixed at Rs 375 to Rs 395 per share, valuing the company at nearly Rs 5,000 crore.

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Powerica IPO GMP Today Price

According to platforms tracking the grey market activities, the shares of Powerica are commanding a GMP of about 1 percent in the unofficial market, indicating a muted listing for the shares of the company.

Powerica is an integrated power solutions provider specialising in diesel generator sets (DG sets), medium speed large generators (MSLG), and related services.

Further, the company expanded into the wind power sector in 2008 as an independent power producer and has since developed capabilities as an engineering, procurement, and construction contractor, as well as an operation and maintenance service provider for balance of plant.

The company operates three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra.