Powerica IPO

Powerica Limited is an integrated power solutions company that deals in diesel generator sets (DG sets), medium speed large generators (MSLG), and associated services. The company offers a wide range of products from 7.5 kVA to 10,000 kVA. The company caters to the primary and standby power requirements of different industries. The company mainly operates through its two business segments: Generator Set Business and Wind Power Business. The company has been an original equipment manufacturer (OEM) for Cummins in India for over four decades. The company also collaborates with HD Hyundai Heavy Industries Co. for its medium speed large generator set segment to serve the emergency and high base load requirements.

The company has three captive manufacturing units for its generator sets business located in Bengaluru (Karnataka), Silvassa (Dadra and Nagar Haveli), and Khopoli (Maharashtra). The company ventured into the wind power segment in 2008 as an independent power producer (IPP). The company owns and operates 11 wind power projects located in the state of Gujarat as of March 31, 2025. The company’s wind power segment offers EPC and O&M services for balance of plant and has two wind power projects currently in the process of being constructed.

The total IPO offer amount aggregates up to ₹1,400 crore, which includes a fresh issue of up to ₹700 crore and an offer for sale (OFS) of up to ₹700 crore by promoters. The company proposes to utilise ₹525 crore from the net proceeds of the fresh issue toward the prepayment or repayment of certain outstanding borrowings, with the remaining funds directed towards general corporate purposes. The book-running lead managers for the issue are ICICI Securities, IIFL Capital, and Nuvama Wealth, with KFin Technologies serving as the registrar to the issue.