Powerica IPO to open on March 24; check price band, issue size & all key details

Mumbai-based power solutions provider Powerica has set the price band for its upcoming initial public offering (IPO) at Rs 375 to Rs 395 per share. The Rs 1,100 crore issue will open for subscription on March 24 and close on March 27, with the anchor book opening a day earlier on March 23.

The IPO comprises a fresh issue of shares worth Rs 700 crore and an offer-for-sale (OFS) component of Rs 400 crore. This marks a reduction from the originally proposed Rs 1,400 crore size, which included a Rs 700 crore OFS as per the draft red herring prospectus filed in August last year and it received approval from SEBI in December 2025.

Half of the issue is reserved for qualified institutional bidders (QIBs), 15 per cent for non-institutional investors, and the remaining 35 per cent for retail investors. Investors can apply in lots of 37 shares, requiring a minimum investment of Rs 14,615, with bids accepted in multiples of 37 shares thereafter. Eligible employees will receive a discount of Rs 37 per share.

At the upper price band, Powerica’s post-issue market capitalisation is expected to be close to Rs 5,000 crore. The company plans to use Rs 525 crore of the fresh issue proceeds to repay certain debts, with the remainder allocated for general corporate purposes. As of February 2026, Powerica’s outstanding bank borrowings stood at Rs 1,214.25 crore.

Powerica began its diesel generator sets business in 1984 and expanded to medium speed large generators (MSLG) in 1996. It offers generator sets ranging from 7.5 kVA to 10,000 kVA. Its portfolio includes diesel generator sets powered by Cummins engines, MSLG products in collaboration with Hyundai, and related business activities.

The generator set division accounts for over 80.5 per cent of Powerica’s business, with the remainder coming from the wind power segment. For the six months ended September 2025, the company reported a profit of Rs 129 crore on revenues of Rs 1,447.44 crore.

In fiscal 2025, Powerica’s profit declined 26.3 per cent to Rs 166.8 crore from Rs 226.3 crore the previous year, influenced by a drop in other income to Rs 57.7 crore from Rs 146.8 crore. Revenue for the year grew 20% to Rs 2,653.3 crore from Rs 2,210 crore.

ICICI Securities, IIFL Capital, and Nuvama Wealth Management are managing the issue as Book Running Lead Managers, while MUFG Intime India is the registrar. Share allotment will occur on March 30, with a likely stock market debut on April 2. The was no activity in the grey market (GMP) for the counter.