Powerica Initial Public Offering (IPO) Fully Subscribed

Key Details

• Powerica, an integrated power solutions provider, received bids for 2.91 crore shares against the offered 2.05 crore shares on the final day of bidding on Friday.
• The company's Rs 1,100-crore public offering will conclude on March 27 with a price band of Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore.

Subscription Breakdown

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• The QIB (Qualified Institutional Buyers) portion was bid 4.5 times, while the retail individual investors' portion subscribed only 10 percent.
• The non-institutional investors' category received 40 percent subscription.

Anchor Investor Proceeds

• Powerica garnered Rs 329.40 crore from anchor investors on Monday.

Company Overview

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• Powerica is an integrated power solutions provider specialising in diesel generator sets (DG sets), medium speed large generators (MSLG), and related services.
• The company expanded into the wind power sector in 2008 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.
• Powerica operates three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra.

IPO Allotment and Listing

• The company's IPO allotment is expected by March 30.
• Share listing is proposed on April 2.