New Delhi, March 18 Power solutions provider Powerica Ltd announced on Wednesday that its initial public offering (IPO) worth Rs 1,100 crore will open for subscription on March 24, with the proceeds primarily being used for debt reduction.
The price band has been fixed at Rs 375-395 per share, valuing the company at nearly Rs 5,000 crore.
The company's IPO comprises a fresh issuance of shares worth Rs 700 crore, along with an offer for sale (OFS) of shares valued at Rs 300 crore by promoters, according to the red herring prospectus (RHP).
The OFS size has been reduced from Rs 700 crore, reducing the total IPO size to Rs 1,000 crore from the proposed Rs 1,400 crore in the draft papers filed in August 2025.
Under the OFS, the Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust will sell their shares.
The IPO will conclude on March 27, while bidding for anchor investors will take place on March 23, the company announced.
Powerica will make its stock market debut on April 2.
Of the fresh issuance, funds worth Rs 525 crore will be used to reduce the company's debt, and a portion will be used for general corporate purposes.
The company's total borrowings stood at Rs 571.95 crore as of September 30, 2025, as per the red herring prospectus.
This is the company's second attempt to go public. In 2019, Powerica had filed draft papers with the Securities and Exchange Board of India (Sebi) to float an IPO, but the plan was shelved.
Powerica is an integrated power solutions provider specializing in diesel generator sets (DG sets), medium speed large generators (MSLG), and related services.
Furthermore, the company expanded into the wind power sector in 2008 as an independent power producer 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.
The company operates three manufacturing facilities in Bengaluru; Silvassa (Dadra and Nagar Haveli); and Khopoli (Maharashtra).
On the financial front, Powerica's revenue from operations increased by 20 per cent to Rs 2,653 crore in FY25 from Rs 2,210 crore in the preceding fiscal year. However, profit after tax declined to Rs 175.83 crore for FY25 as compared to Rs 226.11 crore for FY24.
The company said that half of the issue size is reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.
ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management have been appointed by Powerica to manage its maiden public issue.
