Powerica IPO to open on March 24: Check bidding period, price band, objectives, lot size and key dates

Powerica IPO: Integrated power solutions provider Powerica's ₹1,100 crore initial public offering will be open for subscription from March 24 to March 27. The bidding for anchor investors will take place on March 23. The price band has been set at ₹375 to ₹395 per share.

The initial share sale is a mix of new equity shares aggregating to ₹700 crore and an offer for sale (OFS) component of ₹400 crore by promoters Kabir and Kimaya Family Private Trust and Naresh Oberoi Family Trust.

The funds generated will be utilised for repayment of outstanding borrowings availed by the company and general corporate purposes.

"Our company expects to receive the benefits of listing of the equity shares on the stock exchanges, including among other things, enhancement of our brand name among our existing and potential customers and creation of a public market for the equity shares in India," the firm said in its red herring prospectus (RHP).

Powerica IPO lot size

The minimum investment is one lot or 37 shares. The company has reserved 50% of the net offer for qualified institutional buyers (QIBs), 35% for retail individual investors (RIIs) and the remaining 15% for non-institutional investors (NIIs).

Powerica IPO allotment and listing date

ICICI Securities, Nuvama Wealth Management and IIFL Capital Services are the issue's merchant bankers, while MUFG Intime India is the registrar.

Powerica provides integrated power solutions specialising in diesel generator sets for primary and standby applications. As an original equipment manufacturer of Cummins India, it has maintained a relationship with them for more than four decades. The company offers a wide range of generator sets with capacities ranging from 7.5 kilovolt-amperes (kVA) to 10,000 kVA.