Powerica IPO Faces Initial Slowdown, Sees 2% Subscription on Second Day

Powerica Initial Public Offering Update

As of March 22, the second day of the share sale, Powerica's initial public offering (IPO) has received bids for 5 lakh shares, against the 2.05 crore shares offered, resulting in a 2 percent subscription.

The subscription status is as follows:

• Retail Individual Investors (RIIs): 4 percent
• Non-institutional investors: 1 percent

The company had previously garnered Rs 329.40 crore from anchor investors on March 20.

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Key IPO Details

• Offer size: Rs 1,100 crore
• Price band: Rs 375 to Rs 395 per share
• Company valuation: nearly Rs 5,000 crore
• Listing date: concluding on March 27

Grey market activity indicates a muted listing, with Powerica shares commanding a 1 percent gain in the unofficial market.

About Powerica Powerica is an integrated power solutions provider specializing in:

• Diesel generator sets (DG sets)
• Medium speed large generators (MSLG)
• Related services

The company expanded into the wind power sector in 2008 and has since developed capabilities as:

• Engineering, procurement, and construction contractor
• Operation and maintenance service provider for balance of plant

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Manufacturing Facilities Powerica operates three manufacturing facilities located in:

• Bengaluru, Karnataka
• Silvassa, Dadra and Nagar Haveli
• Khopoli, Maharashtra