New Delhi, March 25 The initial public offer of power solutions provider Powerica Ltd was subscribed to 3% on the second day of the share sale on Wednesday.
The company's IPO received bids for 5,22,995 shares against 2,05,55,171 shares on offer, according to details available with the NSE.
The portion for retail individual investors was subscribed to 4%, and the category for non-institutional investors received 1% subscription.
Powerica Ltd garnered Rs 329.40 crore from anchor investors on Monday.
The company's Rs 1,100-crore public offering will conclude on March 27. The price band has been fixed at Rs 375-395 per share, valuing the company at nearly Rs 5,000 crore.
The IPO is a combination of a fresh issue of shares worth Rs 700 crore, along with an Offer For Sale (OFS) of shares valued at Rs 400 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 Rs 1,400 crore proposed in the draft papers filed in August 2025.
Under the OFS, Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust would offload shares.
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.
This is the company's second attempt to go public. Back in 2019, Powerica had filed draft papers with the Securities and Exchange Board of India (Sebi) to float an IPO. However, 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.
Further, 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 located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra.
ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management have been appointed by Powerica to manage its public issue.