Powerica IPO Subscribed 1.45x on Last Day
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Powerica IPO subscribed 1.45 times on the last day. The Rs 1,100-crore IPO saw strong institutional buying.
New Delhi, Mar 27 (PTI) The initial public offering (IPO) of power solutions provider Powerica Ltd sailed through on the last day of bidding on Friday, getting subscribed 1.45 times, amid buying support from institutional buyers.
The Rs 1,100-crore IPO received bids for 2,98,57,816 shares against 2,05,55,171 shares on offer, as per details available with the NSE.
The portion for Qualified Institutional Buyers (QIBs) fetched 4.50 times subscription. The category for non-institutional investors received 44 per cent subscription, while the quota for retail individual investors (RIIs) got subscribed 15 per cent.
Powerica Ltd garnered Rs 329.40 crore from anchor investors on Monday.
The price band has been fixed at Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore.
The IPO is a combination of a fresh issue of shares worth Rs 700 crore, along with an offer for sale (OFS) of shares valued at Rs 400 crore by promoters, according to the red herring prospectus (RHP).
Of the fresh issuance, funds worth Rs 525 crore will be utilised to pare the company's debt, and a portion will be used for general corporate purposes.
This was the company's second attempt to go public. Back in 2019, Powerica had filed draft papers with the Securities and Exchange Board of India (Sebi) to float an IPO. However, 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 in Dadra and Nagar Haveli; and Khopoli, Maharashtra.
ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers to the IPO.
The Rs 1,100-crore IPO received bids for 2,98,57,816 shares against 2,05,55,171 shares on offer, as per details available with the NSE.
The portion for Qualified Institutional Buyers (QIBs) fetched 4.50 times subscription. The category for non-institutional investors received 44 per cent subscription, while the quota for retail individual investors (RIIs) got subscribed 15 per cent.
Powerica Ltd garnered Rs 329.40 crore from anchor investors on Monday.
The price band has been fixed at Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore.
The IPO is a combination of a fresh issue of shares worth Rs 700 crore, along with an offer for sale (OFS) of shares valued at Rs 400 crore by promoters, according to the red herring prospectus (RHP).
Of the fresh issuance, funds worth Rs 525 crore will be utilised to pare the company's debt, and a portion will be used for general corporate purposes.
This was the company's second attempt to go public. Back in 2019, Powerica had filed draft papers with the Securities and Exchange Board of India (Sebi) to float an IPO. However, 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 in Dadra and Nagar Haveli; and Khopoli, Maharashtra.
ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management are the book-running lead managers to the IPO.
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