Powerica IPO: Only 1% Issue Booked So Far, GMP Indicates Firm Listing On Day 1; Check Other Details

Powerica has entered the primary market with its public issue worth Rs. 1,100 crore. The subscription window for the initial public offering (IPO) opened on March 24 and will close on March 27. So far into the first day of bidding, only 1 per cent of the issue has been subscribed by investors across classes. According to the latest grey market premium (GMP), shares of the company are expected to be listed with a nearly 1.3 per cent gain to the issue price on the NSE and BSE.

Powerica IPO: Offer Size, Price Band

Powerica’s IPO is a book-build issue of Rs. 1,100 crore, which includes a combination of 17.7 million fresh issue of shares and 10.1 million shares on offer-for-sale (OFS). The price band at the issue is Rs. 375-395 per share with a minimum lot size of 37 shares. Retail individual investors need to invest at least Rs. 14,615 to apply to the issue.

ICICI Securities is the book-running lead manager of the issue, while MUFG Intime India is the registrar.

Powerica IPO: Subscription Status

Investors across classes have only booked 1 per cent of the issue so far, applying for 181,522 shares. Employees, for whom 59,171 shares have been reserved, have booked 24 per cent of the quota.

Retail individual investors have so far booked 1 per cent of their quota, applying for 145,188 shares. Non-institutional investors (NIIs) and qualified institutional buyers have so far shown very tepid interest in the issue, with NIIs only booking for 21,904 shares out of 4.39 million shares reserved for them.

Powerica IPO: GMP Today

Powerica’s IPO GMP was last seen at Rs. 5 over the upper end of the price band at issue. Shares of the company, according to the GMP of various websites, indicate a 1.3 per cent gain on the shares at debut.

Powerica: Key Financials

Powerica earned Rs. 1,474.87 crore as total income during the first six months of the financial year 2025-26, on which it earned Rs. 134.55 crore as net profit. During the first half of FY26, the company’s Ebitda stood at Rs. 220.42 crore.

In FY25, the company posted a net profit of Rs. 175.83 crore on a total income of Rs. 2,710.93 crore. Compared with this, the company earned Rs. 226.11 crore on a total income of Rs. 2,356.77 crore in FY24.

Powerica IPO: Key Objectives

Powerica plans to use Rs. 525 crore worth of net funds from the fresh issue towards repaying and prepaying the company's debt. Total debt of the company stood at Rs. 571.95 crore by the end of September, 2025, up from Rs. 300.80 crore at the end of March, 2025. The rest of the funds from the fresh issue will be used for general corporate purposes.