Prime Highlights-
- Powerica raised about INR 11 billion through its IPO and listed on both NSE and BSE in the first week of April.
- The IPO involved major legal firms and financial institutions, reflecting strong institutional participation.
Key Facts-
- Powerica is a Mumbai-based company that provides integrated power solutions, including standby and prime power systems.
- The IPO proceeds will be used for debt repayment, prepayment, and general corporate purposes.
Background-
Powerica raised around INR 11 billion (about USD 118.3 million) through its initial public offering on the Bombay Stock Exchange and National Stock Exchange. The company entered the stock markets in the first week of April.
The IPO included the sale of shares by existing promoters and shareholders such as the Naresh Oberoi Family Trust and the Kabir and Kimaya Family Private Trust. The shares were priced at INR 395 each and also had a quota reserved for eligible employees.
Powerica shares opened for trading at INR 366 on the NSE and INR 375 on the BSE. The listing marked an important milestone for the Mumbai-based company, which works in integrated power solutions across conventional energy and wind projects.
Cyril Amarchand Mangaldas worked as Indian legal counsel for Powerica during the IPO process. The CAM team consisted of senior partner Yash Ashar, partner Ravi Dubey, principal associate Mansi Jhaveri, along with several associates.
Trilegal advised on Indian legal matters, while Linklaters Singapore acted as international legal counsel for the bookrunning lead managers. ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management served as the lead managers for the issue.
The company said it will use the net proceeds to repay and prepay certain borrowings and meet general corporate needs. Officials said the listing supports the company’s financial flexibility and long-term growth plans.