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DRChoksey Report
Powerica Ltd. launched its initial public offering (IPO) today, March 24 and the offer closes for subscription on March 27.
An integrated power solutions provider has fixed the price band in the range of Rs 375 to Rs 395 Apiece.
The Powerica IPO is a book-build issue of Rs 1,100 crore. It comprises a fresh issue of 1.77 crore shares worth Rs 700 crore and an offer-for-sale (OFS) of 1.01 crore shares amounting to Rs 400 crore.
Investors can place bids starting from a minimum of 37 shares and in multiples thereafter, meaning a minimum amount of investment required by an individual investor (retail) is Rs 14,615 based on upper price.
ICICI Securities, IIFL Capital Services, Nuvama Wealth Management are the book running lead managers while MUFG Intime India Ltd. is the registrar of the issue.
Cummins India and Kirloskar Oil Engines are are among Powerica's peers in the sector.
Shares of the company are tentatively scheduled to be listed on the BSE and NSE on April 02.
Object of the offer:
- Prepayment/repayment of borrowings in part or full,
- general corporate purposes.
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