Power solutions provider Powerica Ltd on Wednesday said its ₹1,100-crore initial public offering (IPO) will open for subscription on March 24, with proceeds primarily to be used for debt reduction.
The price band has been fixed at ₹375-395 apiece, valuing the company at nearly ₹5,000 crore.
The company's IPO is a combination of fresh issue of shares worth ₹700 crore, along with an offer for sale (OFS) of shares valued at ₹300 crore by promoters, according to the red herring prospectus (RHP).
2 March 2026
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The OFS size has been cut from ₹700 crore earlier, reducing the total IPO size to ₹1,000 crore from ₹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.
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 ₹525 crore will be utilised to pare the company's debt, and a portion will be used for general corporate purposes.
The company's total borrowings stood at ₹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 Securities and Exchange Board of India (Sebi) to float an IPO, but the plan was shelved.
Powerica is an integrated power solutions provider specialising 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 in Bengaluru; Silvassa (Dadra and Nagar Haveli); and Khopoli (Maharashtra).
On the financial front, Powerica's revenue from operations increased 20% to ₹2,653 crore in FY25 from ₹2,210 crore in the preceding fiscal year. However, profit after tax declined to ₹175.83 crore for FY25 as compared to ₹226.11 crore for FY24.
The company said half of the issue size has been reserved for qualified institutional buyers, 35% for retail investors and the remaining 15% for non-institutional investors.
ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management have been appointed by Powerica to manage its maiden public issue.
