Powerica IPO Hopes Rise Amid Optimism on US-Iran Relations

Powerica IPO Makes Modest Debut on BSE and NSE

Powerica, a leading power solutions provider, made its stock market debut on the BSE and NSE on Thursday, April 2. The company's ₹1,100 crore Initial Public Offering (IPO) saw moderate demand during its three-day bidding window, which concluded on Tuesday, March 24. The issue managed to sail through on the final day of subscription mainly due to strong interest from qualified institutional buyers (QIBs), while the other investor categories remained undersubscribed.

IPO Subscription Details

The IPO was subscribed 1.53 times by the end of Day 3. The QIB segment saw 4.74 times subscription, while the retail individual investors quota was subscribed 16% of their allotted portion. The non-institutional investor (NII) category was subscribed 47%. The employee portion was booked 1.30 times.

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Grey Market Premium (GMP) Ahead of Listing

Ahead of listing on March 30, the grey market premium (GMP) for Powerica IPO showed muted price, currently at ₹7 on April 1. This signals that the IPO listing price is likely to be ₹402, up 1.77% from the issue price of ₹395.

IPO Details

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The Powerica IPO comprises a fresh issue of ₹700.21 crore and an offer for sale (OFS) of ₹400.00 crore. The size of the OFS has been reduced from the earlier proposed ₹700 crore, bringing the total IPO size to ₹1,000 crore, lower than the ₹1,400 crore proposed in the draft papers filed in August 2025. The Naresh Oberoi Family Trust and the Kabir and Kimaya Family Private Trust are among the selling shareholders in the OFS.

Proceeds Allocation

Out of the proceeds from the fresh issue, ₹525 crore will be used towards debt repayment, while the remaining amount will be utilised for general corporate purposes. Powerica has appointed ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management as the book-running lead managers for the public issue, while MUFG Intime India Pvt. Ltd. is acting as the registrar to the issue.

Anchor Investor Allocation

Ahead of the IPO opening on Monday, Powerica had raised ₹329.40 crore from anchor investors. According to a circular uploaded on the BSE website, shares were allotted to several institutional investors, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Quant Mutual Fund, and Bandhan Mutual Fund, along with insurance companies such as Kotak Life, Edelweiss Life, and Reliance Nippon Life.

Refund and Share Crediting

As per the tentative schedule, the basis of allotment for the Powerica IPO was finalised on Monday, March 30. The company is scheduled to begin the refund process today, April 1, while shares are also expected to be credited to the demat accounts of successful allottees on the same day, following the refunds.