Powerica's Rs 1,100-cr IPO to open for subscription on March 24; check GMP

Powerica IPO to open for public subscription on March 24.

• Powerica IPO opens Mar 24; price band Rs 375-395.
• IPO closes March 27, stock market debut expected April 2.
• Firm worth nearly Rs 5,000 crore with 3 manufacturing units.

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Power solutions provider Powerica initial public offering (IPO) will open for public subscription on March 24 in the primary market.

The price band for the Rs 1,100-crore initial share sale has been fixed at Rs 375-395 per share, valuing the company at nearly Rs 5,000 crore.

The IPO will conclude on March 27, while bidding for anchor investors will take place on March 23.

According to platforms tracking the grey market activitites, the shares of Powerica are commanding a flat GMP in the unofficial market.

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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).

Powerica will make its stock market debut on April 2, while IPO allotment is expected by March 30.

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