Powerica makes muted debut, lists at 7% discount; misses GMP estimates

Powerica shares opened at ₹366 on the NSE, a discount of ₹29 or 7.35 per cent from the issue price of ₹395

Powerica IPO Listing: Powerica, a power solutions company specializing in diesel generator sets, has made a lacklustre debut on the Dalal Street amid a subdued market sentiment. The company's shares opened at ₹366 on the NSE, a discount of ₹29 or 7.35 per cent from the issue price of ₹395.

 

On the BSE as well, Powerica shares opened at ₹375, a discount of ₹20 or 5 per cent. Post-listing, the stock was trading nearly 1 per cent lower than the listing price. 

  Powerica listing was below the grey market estimates. Ahead of the listing, the company's unlisted shares were trading almost flat at around ₹402 in the grey markets. This indicated a grey market premium of ₹7 or 1.77 per cent, over the issue price, according to sources tracking unofficial market activity.

Powerica IPO subscription rate

According to National Stock Exchange (NSE) data, Powerica IPO received a lacklustre response from investors, with overall subscription reaching 1.45 times. Investors placed bids for 29.85 million equity shares against the 20.55 million shares on offer. Qualified Institutional Buyers (QIBs) led the demand, oversubscribing their allotted quota by 4.5 times. The Non-Institutional Investors (NIIs) segment was subscribed only 44 per cent, while the retail investors' portion was subscribed 15 per cent.  READ | Amir Chand Jagdish Kumar share lists at 8% discount on BSE, 6% on NSE

Powerica IPO details

Powerica successfully raised ₹1,100 crore through its initial public offering, which comprised a fresh issue of 17.7 million shares worth up to ₹700 crore and an offer for sale (OFS) of 10.1 million shares worth up to ₹400 crore. 

 

The IPO was offered in the price band of ₹375 to ₹395 per share, with a minimum application lot of 37 shares. The issue was open for subscription from March 24 to March 27, 2026. The allotment of shares was finalised on Monday, March 30. 

 

MUFG Intime India is the registrar. ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers for the issue.

 

According to the red herring prospectus (RHP), the company plans to use ₹525 crore from the net fresh issue proceeds for prepayment or repayment of certain borrowings availed by the company, and the remaining funds will be used for general corporate purposes.