Stock To Debut On April 2; GMP Signals Over 1% Listing Gain

Powerica's shares are scheduled to list on the BSE and NSE on Thursday, April 2. The initial public offering (IPO) of Powerica was oversubscribed 1.45 times on the third and final day of bidding on March 27. The IPO received bids for 2,98,57,816 shares against 2,05,55,171 offered.

Shares of the company are the focus of grey market traders ahead of its listing tomorrow.

Powerica IPO GMP Today

The grey market premium (GMP) for the Powerica IPO stood at Rs 7 on April 1, as per InvestorGain. It indicates a listing price of Rs 402 apiece at a premium of 1.77% on the upper limit of the price band.

Note: GMP does not represent official data and is based on speculation.

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Powerica IPO: Key Details

The Powerica IPO was a book-built issue of Rs 1,100 crore. It comprised a fresh issue of 1.77 crore shares worth Rs 700 crore and an offer-for-sale (OFS) of 1.01 crore shares amounting to Rs 400 crore.

Retail investors could participate in the IPO by bidding for a single lot comprising 37 shares, leading to an investment of Rs 14,615. Small Non-Institutional Investors needed to bid for 14 lots, requiring an investment of Rs 2,04,610. Big Non-Institutional Investors had to bid for a minimum of 69 lots, amounting to Rs 10,08,435.

The price band for the IPO was set at Rs 375 to Rs 395 per share.

Investors could bid for shares in the IPO from March 24 to March 27. Allotment of shares was finalised on March 30. The company will transfer shares to the demat accounts of successful bidders on April 1 and refunds to non-allottees will be done on the same day.

ICICI Securities Ltd. was the book running lead manager and MUFG Intime India Ltd. was the registrar of the issue.

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Use Of Proceeds

The company will use proceeds from the IPO to clear debt and for general corporate purposes.

About Powerica

Powerica is a power solutions provider specialising in manufacturing and servicing diesel generator sets. It was established in 1984.

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.