Day 2: Powerica IPO Stays Muted; Overall Subscription Edges Just Above 0.02x 

Mumbai, March 25: Powerica Limited’s IPO has remained largely tepid on Day 2, with overall subscription standing at just about 0.02 times the 2.05 crore shares on offer, according to mid‑afternoon BSE‑NSE data.  

Qualified Institutional Buyers (QIBs) have yet to step in meaningfully, with their 58.56 lakh‑share portion undersubscribed at a negligible fraction, while Non‑Institutional Investors (NIIs) have bid for only roughly 49,000 shares against a quota of 43.92 lakh, or about 0.01 times. Retail Individual Investors (RIIs) have picked up the pace slightly, subscribing around 4.16 lakh shares out of their 1.02 crore‑share bucket, equivalent to roughly 0.04 times, with the bulk of bids coming in through the cut‑off route.  

Employee reservations, meanwhile, are moving closer to coverage with about 46,500 shares bid against 59,171 reserved, or about 0.79 times, suggesting management‑level confidence even as wider institutional interest remains muted.  

At the higher end of the ₹375–₹395 price band, a single 37‑share lot costs investors around ₹14,615, keeping the issue within reach for retail participants even as the overall demand profile looks cautious heading into the final days of the March 24–27 offer. 

Powerica Limited is an Indian manufacturer and supplier of diesel generator sets, catering to a range of industries and infrastructure projects.  

The company has built strong relationships with OEMs and industrial customers, leveraging data‑centre and power‑backup demand to drive growth. Its ₹1,100‑crore IPO combines a fresh issue of about ₹700 crore with an offer‑for‑sale of ₹400 crore, primarily aimed at repaying debt and meeting corporate‑expense requirements.  

Powerica targets sustained expansion in the generator‑set and power‑solution segments as India’s infrastructure and digital‑infrastructure boom continues over the next few years. With a relatively compact share base and a focused business model, analysts see the stock as a long‑term play on power‑backup and industrial machinery demand rather than a near‑term speculative bet. 

Source: 
https://www.bseindia.com/markets/publicIssues/DisplayIPO.aspx?id=4516&type=IPO&idtype=1&status=L&IPONo=7657&startdt=24/Mar/2026