Powerica IPO Update

Subscription Figures

The maiden public offering of Powerica, a power solutions provider, received bids for 1.14 lakh shares on the first day of the share sale in the primary market, against the offered 2.05 crore shares. This represents a subscription rate of 1% as of 12:30 pm.

Retail Individual Investors (RIIs) Subscription

Read also: SpaceX Seeks Record $75 Billion IPO, Potentially Positioning Elon Musk as the World's First Trillionaire

The category for Retail Individual Investors (RIIs) received a subscription rate of 1% as of the current date.

IPO Details

Powerica had earlier garnered Rs 329.40 crore from anchor investors. The company's Rs 1,100-crore maiden public offering, priced between Rs 375 and Rs 395 per share, values the company at nearly Rs 5,000 crore. The IPO opened for subscription on March 24 and will conclude on March 27.

Grey Market Activity

Read also: SMR Jewels IPO Successfully Lists with Institutional Support

According to platforms tracking grey market activities, the shares of Powerica are commanding a GMP of about 1%.

Company Overview

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.

Manufacturing Facilities

Powerica operates three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra.

IPO Timeline

The company expects the Powerica IPO allotment by March 30, while the share listing is proposed on April 2.