Summary of this article
Powerica's IPO worth Rs. 1,100 crore has seen muted interest from investors, only 3 per cent of issue booked
IPO GMP indicates muted listing prospects
Powerica’s initial public offering (IPO) has entered its third day of the issue window. The subscription window for the initial public offering (IPO) opened on March 24 and closes on March 27. So far, only 3 per cent of the issue has been subscribed to by investors. The grey market premium (GMP) indicates muted to no gains to the issue price on listing on NSE and BSE.
Powerica IPO: Offer Size, Price Band
Powerica has tapped the primary market through a book-build issue of Rs. 1,100 crore, with a mix of fresh issue of 17.7 million shares and offer-for-sale (OFS) of 10.1 million shares. The price band at the issue is fixed at Rs. 375-395 per share, and the minimum lot size is 37 shares. At least Rs. 14,615 needs to be invested by retail individual investors to apply to the issue.
At the issue, ICICI Securities is the book-running lead manager and MUFG Intime India is the registrar.
After the bidding window closes on March 27, the share allotment of the IPO is expected to be finalised on March 30. Shares of the company are estimated to make their debut on the exchanges on April 2.
Powerica IPO: Subscription Status
Investors across classes have only booked 3 per cent of the issue so far, applying for 522,995 shares. Employees, for whom 59,171 shares have been reserved at the issue, have booked 81 per cent of the quota, showing the most interest in the issue so far.
Retail individual investors have so far booked 4 per cent of their reserved quota, subscribing to 423,058 shares. Non-institutional investors (NIIs) and qualified institutional buyers (QIBs) have shown very tepid interest in the IPO so far. NIIs have only booked 51,208 shares out of 4.39 million shares reserved for them, or about 1 per cent of their quota. Meanwhile, QIBs have only booked for 1,036 shares so far, out of nearly 5.86 million shares reserved for them.
Powerica IPO: GMP Today
Powerica’s IPO GMP has fallen since the issue window began. Currently, the GMP is at Rs. 1 above the upper end of the price band, and shares of the company are expected to be listed at Rs. 396 apiece. This indicates around 0.3 per cent gains at listing on the stock exchanges.
Powerica: Key Financials
Powerica’s total income in the first half of the financial year 2025-26 stood at Rs. 1,474.87 crore, while its net profit was at Rs. 134.55 crore. The company posted a net profit of Rs. 175.83 crore in FY25, less than the Rs. 226.11 crore earned a year before. Total income of the company in FY25 was at Rs. 2,710.93 crore, up from Rs. 2,356.77 crore in FY24.
Powerica IPO: Key Objectives
Through the primary issue, the company aims to use the net proceeds primarily towards repayment and prepayment of debt. For this purpose, the company has earmarked Rs. 525 crore. The company’s total debt stood at Rs. 571.95 crore at the end of September 2025, rising from Rs. 300.80 crore as on March 31, 2025. The remainder of the net proceeds from the fresh issue will be used for the general corporate purposes of the company, according to the red herring prospectus (RHP) filed with the Securities and Exchange Board of India (Sebi).
