Power solutions provider Powerica Ltd attracted Rs 329.40 crore from anchor investors just before its initial public offering (IPO) began. Key investors include major mutual funds and insurance companies like SBI Mutual Fund and Reliance Nippon Life.
The IPO, launching on March 24, involves a fresh issue worth Rs 700 crore and an offer for sale of Rs 300 crore, resizing the total IPO from initial drafts. Funds will primarily clear debts and provide for corporate purposes.
Despite a prior attempt in 2019, Powerica’s listing marks a new phase for the company, offering integrated power solutions and expanding in the wind power sector. With a revenue increase but a profit drop in fiscal 2025, the company remains a significant player in power solutions.
(With inputs from agencies.)
