The initial public offering (IPO) of power solutions provider Powerica Ltd received a tepid response from investors on the first day of bidding on Tuesday, i.e., March 24, 2026. It has received just 1 per cent subscription so far. According to NSE data, the IPO got bids for 2,06,793 shares against 2,05,55,171 shares on offer. The portion for Qualified Institutional Buyers (QIBs) has so far not received any subscriptions. The category for Retail Individual Investors (RIIs) received 2 per cent subscription and the quota for non-institutional investors got subscribed 1 per cent.
Mobilises Rs 329 crore from anchor investors
Meanwhile, the company said it has mobilised Rs 329.40 crore from anchor investors on Monday, a day before its initial public offering (IPO) opens for subscription.
Shares were allocated to several institutional investors, including SBI Mutual Fund (MF), HDFC MF, ICICI Prudential MF, Quant MF, and Bandhan MF, as well as insurance companies such as Kotak Life, Edelweiss Life, and Reliance Nippon Life, according to a circular uploaded on BSE's website.
According to the circular, the company finalised the allocation of 83,39,239 equity shares to anchor investors at Rs 395 per share. The total allocation amounts to approximately Rs 329.40 crore.
Powerica IPO subscription dates
The Rs 1,100-crore maiden public offering opened for subscription today, i.e. on March 24, and the three-day window will close on March 27.
Powerica IPO price band
The price band has been fixed at Rs 375 to Rs 395 apiece, valuing the company at nearly Rs 5,000 crore.
Powerica IPO GMP today
According to Investorgain, Powerica's unlisted shares are trading at a grey market premium (GMP) of Rs 5. Considering the upper price band of Rs 395, the company's shares are expected to list at around Rs 400, reflecting a grey market premium of 1.27 per cent.
Powerica IPO Listing NSE, BSE
Shares of Powerica will be listed on both the NSE and BSE, with the expected listing date to be April 2.
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(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
