Generator solutions provider Powerica plans to tap capital markets, files draft papers for Rs 1,400-crore IPO

Powerica IPO

Mumbai-based Powerica, the power solutions provider specialising in diesel generator sets, and one of the original equipment manufacturers (OEMs) for Cummins, has filed draft papers with the SEBI on August 8 to raise funds up to Rs 1,400 crore via initial public offering (IPO).

The IPO will consist of fresh issue and an offer-for-sale of shares worth Rs 700 crore each. Promoters - Naresh Oberoi Family Trust, and Kabir and Kimaya Family Private Trust will be offloading shares in the offer-for-sale.

The company may also consider raising funds up to Rs 140 crore in pre-IPO round.

Incorporated in 1984, the high speed generator solutions provider will utilise Rs 525 crore of the fresh issue proceeds for repayment of partial debt, and the remainder for general corporate purposes. "As on July 2025, we have aggregate total outstanding borrowings from banks of Rs 1,012.60 crore," the company said its DRHP filed on August 8.

Powerica's generator set business comprises of DG sets powered by Cummins engines, MSLG (medium speed large generators) offerings in collaboration with Hyundai, and certain allied business activities, which contributed 85 percent to its total business, and the remainder 15 percent by wind power business.

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The company, which diversified into the wind power business in 2008, owns and operates 11 wind power projects in Gujarat, with a total installed capacity of 279.55 MW.

On the financial front, Powerica has recorded profit at Rs 166.8 crore in the fiscal year 2025, declining 26.3 percent, and revenue at Rs 2,653.3 crore, rising 20 percent compared to previous year. The fall in other income and lower operating numbers impacted the bottomline.

ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management are appointed as the merchant bankers for the Powerica IPO.