Shares of Powerica, a power solutions provider, ended over 2% lower in their market debut. Despite a promising IPO subscription, the stock underperformed on its first trading day, with Powerica's valuation reaching Rs 4,935.52 crore. The company aims to use the IPO proceeds to reduce debt and expand operations.

Powerica's IPO Debut: A Mixed Reception on the Market

On its first day of trading, shares of integrated power solutions provider Powerica ended more than 2% lower compared to the issued price of Rs 395. The stock debuted at Rs 366, marking a decline of 7.34% from the issue price on the NSE.

The IPO of Powerica, which included a fresh issue of shares and an offer for sale, was subscribed 1.45 times. Around Rs 525 crore from the raised funds are earmarked to reduce the company's debt.

Powerica, known for its work in diesel generators and renewable energy, initially postponed its IPO in 2019. The company operates manufacturing facilities across Bengaluru, Silvassa, and Khopoli, Maharashtra.

(With inputs from agencies.)