Powerica IPO Sees Muted Response, GMP Slips; Subscription Remains Weak

• Powerica IPO opened on March 24 and closes on March 27, with a price band of ₹375-₹395 per share.
• As of March 25, the IPO was subscribed only 2%, with retail at 3% and NIIs at 1%.
• The ₹1,100 crore IPO includes a fresh issue of ₹700 crore and an OFS of ₹400 crore.
• Proceeds from the fresh issue will primarily be used for debt repayment (₹525 crore).
• Powerica's generator set division contributes over 80.5% of revenue; profit for FY25 declined 26.3%.