Powerica's ₹1,100 crore IPO opens for subscription: Know about financials, business model, IPO details & more

Powerica entered the large generator market in 1996 via an alliance with H-D Hyundai Heavy Industries, which manufactured Medium-speed Large Generators (MSLGs) with a capacity of 3,000 kVA to 10,000 kVA that can be operated either individually or in parallel as per customer requirements.

Powerica garnered ₹329.40 crore from anchor investors on Monday. Shares allocations were made to several institutional investors, including SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Quant MF, Bandhan MF, insurance companies such as Kotak Life, Edelweiss Life, and Reliance Nippon Life, according to a circular uploaded on BSE's website.

Powerica IPO details

Powerica IPO aims to raise ₹1,100 crore through its public issue by selling over 2.7 crore shares. The IPO consists of a fresh issue of ₹700 crore and an offer for sale of ₹400 crore.

The company has fixed the price band of the issue at ₹375 to ₹395 per share. The lot size, or the minimum bid quantity to apply for the issue, is 37 shares. This equates to a minimum investment amount of ₹14,615 per lot at the upper end of the price band under the retail investors category.

Powerica has appointed ICICI Securities as the book-running lead manager of the IPO, while MUFG Intime India is the registrar for the issue.

Powerica IPO timeline

Powerica IPO has opened for subscription on Tuesday, March 24 and will remain open until Friday, March 27, 2026. After the bidding is closed, the allotment of shares is expected to be finalised on March 30. Successful bidders can expect the shares to be credited to their demat accounts by April 1, with others receiving refunds on the same day. Powerica IPO shares are scheduled to list on the BSE and NSE on Thursday, April 2, 2026.

Powerica Financials

Powerica IPO objective

• Repayment of loan: The company will use ₹525 crore for repayment of the outstanding loan availed by the business.
• General corporate purposes: Part of the IPO proceeds will be used for general corporate purposes and issue expenses.

About the company

Powerica Limited operates through two primary divisions: the generator set business and the wind power business. In addition, Powerica's associate firm, Platino Automotive, creates retrofit emission control devices (RECDs) used to provide comprehensive solutions for reducing emissions from existing DG sets.

The company has three manufacturing plants in Bengaluru, Silvassa and Khopoli, occupying 50,585 sq m, 39,395 sq. m, and 85,570 sq m space respectively. As of September 2025, the capacity usage rate was estimated to be approximately 82% for Bengaluru and approximately 83% for Silvassa.

The DG set business is the main segment of the business's operation. The company has established a solid national presence throughout India with 19 sales offices and 43 authorised dealers, employing 123 persons in sales. Its diverse customer base spans multiple industries, including real estate, healthcare, hospitality, banks, infrastructure, manufacturing, IT/data centres, government and defence. The customer base is very well diversified, with the top 10 customers representing approximately 22.7% of total sales in the DG business, thus reducing the company's dependency on a single customer.

The company began its renewable energy initiatives as an Independent Power Producer (IPP) in 2008, with its first project in Gujarat at a capacity of 4.8 MW and continues to grow with a total of 330.85 MW from 12 wind projects located exclusively in Gujarat. All projects operate under long-term Power Purchase Agreements (PPA) with GUVNL and SECI for a minimum of 25 years and an average remaining useful life of approximately 18 years, providing consistent and predictable cash flow for a long-term future.

The booming growth of data centres, which is expected to reach 4.7 GW of capacity by FY30 at a CAGR of ~27.4%, the rapid rollout of EV charging infrastructure, and increased defence and government spending on critical infrastructure are all significant factors driving strong long-term demand for DG sets and MSLGs across LHP, MHP, and HHP segments.

Powerica Limited aims to take advantage of the increasing demand for DG sets because of data centres, electric vehicle (EV) infrastructure, and the reliability of the electrical grid system. As well, they plan to aggressively add to their existing wind energy portfolio with new project awards and active execution of projects already in the pipeline. They are also focusing on hybrid renewable projects to lower costs and improve overall efficiency.