Powerica Ltd IPO Review 2026: Price, Dates, GMP & Analysis

POWERICA LTD – COMPANY BACKGROUND

Powerica Ltd is a power company specializing in diesel generator (DG) sets for main and also for back-up use. It offers a wide range of generator capacities ranging from 7.50 KVA to 10,000 KVA. The company is divided into 3 core business segments. The first is the generator sets division that makes the DG sets across the KVA range. It has 3 manufacturing units located at Bengaluru, Silvassa, and Khopoli. Its second line of business is the Wind Power Business Division that operates 11 wind farm projects in Gujarat with installed capacity of 279.55 MW. The third business of Retrofit Emission Control Devices is run through its associate company, Platino Automotive.

Powerica Ltd has been promoted by Bharat Oberoi, Renu Naresh Oberoi, Jai Ram Oberoi, Naresh Oberoi Family Trust, Bharat Oberoi Family Trust, and the Kabir & Kimaya Family Private Trust. The issue is a combination of a fresh issue of shares and an offer for sale (OFS). The fresh issue proceeds will be used for prepayment and repayment of outstanding borrowings as well as for general corporate purposes. The issue is being lead-managed by ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management; while MUFG Intime India Private Ltd will be the registrars to the IPO.

HIGHLIGHTS OF THE IPO ISSUE OF POWERICA LTD

Here are the key highlights of the public issue of Powerica Ltd.

1. The IPO of will be open from March 24th, 2026 to March 27th, 2026. It has a face value of ₹5 per share and IPO price band is set in range of ₹375 to ₹395 per share.
2. The IPO of Powerica Ltd will be a combination of fresh issue of shares and an offer for sale (OFS) by the promoter shareholders of the company.
3. The fresh issue portion comprises the issue of 1,77,21,518 shares (177.22 lakh shares), which at the upper price band of ₹395 per share translates into ₹700 crore.
4. The offer for sale (OFS) portion comprises the sale of 1,01,26,582 shares (101.27 lakh shares), which at the upper price band of ₹395 per share translates into ₹400 crore.
5. As a result, the overall IPO will comprise of a fresh issue and an offer for sale of 2,78,48,100 shares (278.48 lakh shares), which at the upper price band of ₹395 per share translates into ₹1,100 crore, which will be the total size of the issue.
6. Promoter holding in the company will come down due to the dilutive impact of the fresh issue and due to sale by promoters in the offer for sale.

The IPO of Powerica Ltd will be listed on the NSE and the BSE on the IPO mainboard. Anchor allocation happened on March 23, 2026.

KEY DATES, INVESTOR ALLOCATION, AND LOT SIZES

Here are the key dates pertaining to the IPO of Powerica Ltd

Data Source: Company RHP

Investors can apply either through their existing trading account or the ASBA application can be directly logged through the internet banking account. This can only be done through the authorized list of self-certified syndicate banks (SCSB).

The table below captures the gist of the allocation to various categories.

Data Source: Security Parameters Filing (NSE)

The anchor portion, is carved out of the QIB portion and the QIB portion available in the IPO offer has been reduced proportionately. Please note that the above shares are final and may differ marginally from the original announcement. Here is a quick look at the lot sizes applicable for the IPO of Powerica Ltd for various categories of investors.

It may be noted here that for the B-HNI category and for the QIB (qualified institutional buyer) category, there are no upper limits applicable. (1 Lot = 37 shares)

FINANCIAL HIGHLIGHTS OF POWERICA LTD

The table captures the key financials of Powerica Ltd for last 3 financial years.

Data Source: Company RHP filed with SEBI (FY refers to Apr-Mar period)

The company has shown a volatile trend in sales, which has also impacted the profit margins, which has fallen sharply in the latest year. The EBITDA margins are just about in double digits. Even the return on equity has fallen sharply in the latest year, as is evident in the table above.

VALUATION METRICS OF THE POWERICA LTD IPO

At the IPO price of ₹395 per share, the indicative P/E comes to about 25.9X at the latest year EPS of ₹15.26 per share. The valuation does appear to be reasonable if one looks at the EPS growth potential. However, the real traction may come from the advantages that it enjoys that is not so much evident in the financial numbers.

The company also brings some additional advantages like an established position in DG sets in India, and a wide presence across capacities. Powerica Ltd also has collaborations and alliances with big names like Cummins, Hyundai, GE Vernova, Vestas etc. Also, the company has exhibited strong execution skills over the years. From a long-term perspective and considering the growth in the sector, investors can look closely at the stock from a longer-term perspective.

BRIEF ON ANCHOR ALLOCATION OF POWERICA LTD

The anchor issue of Powerica Ltd saw a strong response on 23rd March 2026 with 28.86% of the IPO size absorbed by anchors. Out of 2,88,94,410 shares (288.94 lakh shares) on offer in the IPO, anchors picked up 83,39,239 shares (83.39 lakh shares) accounting for 28.86% of the total IPO size. The entire anchor allocation was made at the upper end of the price band of ₹395 per share. This includes the face value of ₹5 per share plus a share premium of ₹390 per share. The anchor bidding opened and closed on 23rd March 2026.

KEY POINTS TO NOTE IN THE ANCHOR ALLOCATION PROCESS

Here are the key details pertaining to the anchor bidding of Powerica Ltd

An anchor investor in an IPO is a qualified institutional buyer (QIB) like a foreign portfolio investor or mutual fund or insurance company or a sovereign fund which invests before the IPO is made available to the public as per SEBI regulations. It helps in price discovery.

MAJOR ANCHOR ALLOCATION INVESTORS IN POWERICA LTD

On 23rd March 2026, Powerica Ltd allotted 83,39,239 shares to 17 anchor investors. The allocation was done at the upper IPO price band of ₹395 per share which resulted in overall anchor allocation of ₹329.40 crore. The anchors have already absorbed 28.86% of the total issue size of ₹1,141.33 crore. Listed below are the Top 10 IPO anchor investors who accounted for anchor collection of ₹282.38 crores, or, 85.73% of the overall anchor allocation of shares, one trading day ahead of the IPO of Powerica Ltd.

Data Source: BSE Filings (Value Allocated is ₹ in Crore)

The detailed and comprehensive report on the anchor allocation with the mutual fund portion separated can be accessed on BSE by clicking on the link below.

https://www.bseindia.com/Downloads/UploadDocs/Notices/Attach/Anchor$a509fa56-5885-4823-b028-119dc43a7f44.pdf

Out of the 83,39,239 shares allocated to the anchors in the IPO, there were a total of 69,87,314 shares allocated to mutual funds registered with SEBI. The allocation was made to 11 mutual fund schemes across 8 AMCs. Mutual funds accounted for 83.79% of the total anchor allocation of the IPO.

In addition, out of the 83,39,239 shares allocated to the anchors in the IPO, there were a total of 5,56,980 shares allocated to life insurance companies regulated by IRDA. The allocation was made to 3 life insurance companies in total. Insurance companies accounted for 6.68% of the total anchor allocation of the IPO.

Some P-Notes and AIFs were also active in the anchor allocation of Powerica Ltd.

NEXT STEPS IN POWERICA LTD IPO

Post the closure of the IPO subscription on 27th March 2026, the basis of allotment will be finalized on 30th March 2026 and the refunds will be initiated on 01st April 2026. In addition, the demat credits are expected to also happen on 01st April 2026 and the stock will list on 02nd April 2026 on the NSE and the BSE. The credits to the demat account to the extent of shares allotted will happen by the close of 01st April 2026 under ISIN (INE921L01032).

POWERICA LTD - IPO SUBSCRIPTION STATUS ON DAY-3

As of 7.25 pm on 27th March 2026, out of the 205.55 lakh shares on offer in the IPO (excluding anchor portion), Powerica Ltd saw bids for 298.58 lakh shares. This implies an overall subscription of 1.45X at a macro level. The granular break-up of subscriptions at close of Day-3 of the IPO of Powerica Ltd was as under:

The subscriptions were led by the QIB Investors followed by the HNI / NII investors and the QIB investors in that order. QIB bids and NII bids typically gather most of the momentum only on the last day. However, in this case, while the QIB portion did see traction on the last day of the IPO, the HNI/NII portion and the Retail portion got undersubscribed at close. The company saw steady anchor participation a day ahead of the IPO opening with 28.86% of the IPO size absorbed by anchor investors. Here is the category-wise subscription. The overall subscription ratio excludes anchor portion.

Data Source: NSE / BSE (as of close of Day-3 of the IPO)

The IPO of Powerica Ltd was open up to March 27, 2026, and has closed for subscription as of the close of trading hours on March 27, 2026. The subscription ratios presented in the table above represent the final subscription numbers for each category and also for the IPO overall. Generally, the listing price of the IPO and the post-listing performance tend to get influenced by the extent of oversubscription of the IPO. However, it must also be noted that a higher subscription is not an automatic guarantee of a strong listing performance for the IPO stock. The final subscription ratio excludes anchor portion. Total bids as of the close (including anchor allocation) stood at ₹1,508.78 crore.

ABOUT THE POWERICA LTD IPO

The IPO of Powerica Ltd opened on March 24th, 2026 and closed on March 27th, 2026. The overall IPO comprised of a fresh issue and an offer for sale (OFS) of 2,88,94,410 shares (288.94 lakh shares) worth ₹1,141.33 crore at the upper price band of ₹395 per share. The allotment status will be finalized by end of day (EOD) of March 30, 2026. Here is how to check your allotment status for the IPO of Powerica Ltd. You can check IPO status on the BSE website or on the NSE website or on the IPO Registrar website (MUFG Intime India Private Ltd).

CHECKING THE ALLOTMENT STATUS OF POWERICA LTD IPO ON BSE WEBSITE

This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. Visit the BSE link for the IPO allotment by clicking on the link below.

https://www.bseindia.com/investors/appli_check.aspx

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity Option
2. Under Issue Name – Select Powerica Ltd from the drop-down box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip OR
4. Enter your PAN (10-digit alphanumeric) number
5. Once this is done, you need to click on the Captcha to verify you are not a robot
6. Finally click on the Search Button

You can use either of the parameters to query; Application / CAF number or Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Powerica Ltd allotted into your demat account. You can save a screenshot of the allotment status output for subsequently verifying with the demat account credits.

CHECKING ALLOTMENT STATUS OF POWERICA LTD IPO ON NSE WEBSITE

This is a common link for all IPOs. Click on NSE link for IPO allotment as below.

https://www.nseindia.com/invest/check-trades-bids-verify-ipo-bids

Once you reach the page, here are the steps to follow.

1. Under Issue Type – Select Equity & SME IPO Details Option
2. Under SELECT SYMBOL – Select POWERICA from the dropdown box
3. Enter the Application Number / CAF exactly as in the acknowledgement slip AND
4. Enter your PAN (10-digit alphanumeric) number
5. Once both are entered, click on the Submit Button

You must input the Application / CAF number and the Investor PAN.

The allotment status will be displayed on the screen in front of you informing about the number of shares of Powerica Ltd allotted into your demat account. You can save a screenshot of the allotment status output for tallying with the demat account credits.

CHECKING ALLOTMENT STATUS OF POWERICA LTD ON MUFG INTIME INDIA PRIVATE LIMITED (REGISTRAR TO THE IPO)

Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:

https://in.mpms.mufg.com/Initial_Offer/public-issues.html

There are 4 options available to you to access the allotment status, and you can use any of these options to query.

1. You can use PAN access. Enter the 10-character alphanumeric income tax permanent account number (PAN). Make it a point to verify your PAN before entering.
2. The second option is to use Application Number / CAF to query the allotment status in the IPO. The application / CAF number is available on the acknowledgement slip.
3. You can use DPID-Client ID combination. For NSDL combination is alphanumeric, while for CDSL, combination is numeric. This is available in your demat statement.
4. You can also query by the combination of your bank account number and IFSC number provided as the IPO mandate bank. It is available on your cheque book.
5. Finally, click on the SUBMIT button.

In case, you have any issues with the output, register an investor query with Link Intime India Private Ltd. You can either send an email with all requisite details and problem to ipo.helpdesk@in.mpms.mufg.com or you can call on (0)-81081-14949 for voice call.