Powerica Ltd's shares listed on the market at a discount of over 7% from its IPO price, amid a broader market downturn. The IPO, comprising a fresh issue and offer for sale, aimed to raise Rs 1,100 crore. Funds will support debt reduction and corporate initiatives. This IPO marked Powerica's second attempt to go public.

Powerica's Underwhelming IPO: Energy Giant Slips on Market Debut

In a tepid market debut, shares of Powerica Ltd, a power solutions provider, listed with a discount of over 7% from the issue price of Rs 395, dropping to Rs 366 on the NSE. Meanwhile, the BSE listing began at Rs 375, reflecting a decline of 5.06%.

The market valuation for Powerica stood at Rs 4,684.95 crore on the NSE amidst a weaker market trend, with major indices like the BSE Sensex and NSE Nifty plunging over 2%. This occurs despite the Rs 1,100-crore IPO receiving favorable subscription, thanks to support from institutional buyers.

The IPO consisted of a fresh issue worth Rs 700 crore and an offer for sale of Rs 400 crore, aiming to reduce the company's debt and fund corporate purposes. A delayed initiative, Powerica previously postponed its IPO plans in 2019.