Powerica Limited IPO Subscription Status and Updates

The Powerica Limited IPO has concluded its second day of bidding, showing a measured response from the investing public. As of March 25, 2026, the issue has seen a total subscription of 0.03 times, moving toward its scheduled closing on Friday, March 27, 2026.

While the employee reservation segment has seen the most active participation so far, the Qualified Institutional Buyers (QIB) and retail segments have shown a "wait-and-watch" approach. Historically, large-cap mainboard IPOs often see a surge in institutional and HNI bidding on the final day of the issue.

The company has established a price band of Rs 375 to Rs 395 per share, with a minimum application size of 37 shares. Out of the total issue of Rs 1,100.00 crore, the fresh issue component of Rs 700.00 crore is expected to provide the company with growth capital and debt reduction capabilities, while the OFS of Rs 400.00 crore allows existing promoters to partially divest their holdings.

Powerica IPO Subscription Status - Day 2

By the close of the second day, the IPO recorded the following subscription levels across various categories:

Last updated: Wednesday, 25 Mar 2026, 05:00 PM

Company Overview of Powerica Limited

Founded in 198s maintained a strate4, Powerica Limited is a prominent integrated power solutions provider in India. The company specializes in the manufacturing, supply, and installation of diesel generator (DG) sets, ranging from 7.5 kVA to 10,000 kVA. It has maintained a strategic partnership for over 40 years as an Original Equipment Manufacturer (OEM) for Cummins India, utilizing their engines and alternators for its power systems.

Powerica operates through two primary business divisions:

1. Generator Set Business: Accounting for approximately 85% of FY25 revenue, this segment serves diverse sectors including data centers, hospitals, manufacturing, and infrastructure.

2. Wind Power Business: The company has diversified into renewable energy as an Independent Power Producer (IPP), operating 12 wind power projects with a total capacity of 330.85 MW in Gujarat.

The company maintains three state-of-the-art manufacturing facilities located in Bengaluru (Karnataka), Silvassa (Dadra and Nagar Haveli), and Khopoli (Maharashtra).

Strengths and Risks of Powerica IPO

Key Strengths

• Decades of Experience: Over 40 years of operational history and a long-standing relationship with Cummins India provide significant market credibility and technical stability.

• Diversified Revenue Streams: The combination of a steady DG set business and a growing renewable energy portfolio provides a balanced revenue mix between conventional and green energy.

• Strong Cash Flow Visibility: The wind power projects are supported by long-term Power Purchase Agreements (PPAs) with entities like GUVNL and SECI, offering predictable cash flows for an average remaining term of 18 years.

• Debt Reduction Plan: By allocating Rs 525 crore of the IPO proceeds to debt repayment, the company aims to improve its interest coverage ratio and overall financial health.

Potential Risks

• High Supplier Dependency: The company relies heavily on Cummins for critical components (engines). Any disruption in this relationship or change in supply terms could materially impact operations.

• Revenue Concentration: Over 80% of the revenue is derived from the generator set segment, making the company vulnerable to cyclical downturns in industrial CAPEX.

• Regulatory Sensitivity: The DG set industry is subject to evolving environmental and emission norms (such as CPCB IV+), which may necessitate frequent technological upgrades and increased costs.

• Climatic Variability: The wind power segment’s performance is entirely dependent on wind patterns and seasonal intensity, which can lead to fluctuations in electricity generation.

How to Apply for Powerica IPO

• Visit the Rupeezy app or here.

• Navigate to the IPO section on the Home Page

• Here, you can view all the IPOs with details such as market lot, minimum bid quantity, price range, and analysis.

• You can read the Red Herring Prospectus for the issue details.

• Click on Apply.

• Enter your UPI ID for payment & place the bid.

• While placing the bid, enter the cutoff price or desired price in the range specified. Select quantity as per lot size. 

• Submit to complete the order.