by Suman Gupta
• Price band of Rs 375 – Rs 395 per Equity Share bearing face value of Rs 5 each (“Equity Shares”)
• Bid/Offer Opening Date – Tuesday, March 24, 2026 and Bid/Offer Closing Date – Friday, March 27, 2026.
• Minimum Bid Lot is 37 Equity Shares and in multiples of 37 Equity Shares thereafter
Mumbai, March 18, 2026: Powerica Limited (the “Company”) has fixed the price band of Rs 375 to Rs 395 per Equity Share of face value Rs 5/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, March 24, 2026, for subscription and close on Friday, March 27 2026.
Investors can bid for a minimum of 37 Equity Shares and in multiples of 37 Equity Shares thereafter.
The IPO is a fresh issue up to Rs 700 crore and an offer-for-sale for up to Rs 400 crore by promoters – Naresh Oberoi Family Trust and Kabir and Kimaya Family Private Trust.
The Company is an integrated power solutions provider specializing in diesel generator sets (“DG sets”), for both primary and standby applications. As one of the original equipment manufacturers for Cummins India Limited (“Cummins India”, along with its affiliates, “Cummins”), the Company has maintained a relationship with them for over four decades.
The Company commenced its DG sets business in 1984, and subsequently expanded its generator set portfolio to include medium speed large generators (“MSLG”) in 1996. The Company continues to develop this segment through a collaboration with HD Hyundai Heavy Industries Co., Limited (“Hyundai”) on a non-exclusive basis. By integrating its DG set and MSLG offerings, the Company provides a comprehensive range of generator sets with capacities ranging from 7.5 kVA to 10,000 kVA, designed to meet the distinctive requirements of diverse industries and applications.
As of the date of the Red Herring Prospectus, its generator set business comprises of DG sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and certain allied business activities (“Generator Set Business”).
Building on its experience in the Generator Set Business, the Company entered the wind power sector in 2008 as an independent power producer (“IPP”). Subsequently, the Company developed capabilities as an engineering, procurement and construction (“EPC”) contractor as well as an operation and maintenance (“O&M”) service provider for balance of plant (“BoP”).
As of the date of the Red Herring Prospectus, its operations in the wind power sector includes developing and operating IPP projects as well as undertaking EPC and O&M activities for BoP primarily within the wind power industry.
As of the date of the Red Herring Prospectus, the Company owns and operates 12 wind power projects in Gujarat, with a total installed capacity of 330.85 MW (“Operational Wind Power Projects”). In addition to its Operational Wind Power Projects, the Company is constructing a wind power project of 52.70 MW in Gujarat that will take its IPP portfolio to a total installed capacity of 383.55 MW.
The Company manufactures DG sets along with auxiliary items, including acoustic enclosures, fuel and exhaust systems, and customised control panel systems. Its offering comprises of comprehensive high speed generator solutions, powered by Cummins engines, covering the design, marketing, manufacturing, testing, supply, installing, and commissioning of DG sets ranging from 7.5 kVA to 3,750 kVA.
As of the date of the Red Herring Prospectus, the Company operates three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra.
Its extensive sales network supports effective customer engagement and market penetration. As on September 30, 2025, its network comprised 19 sales/marketing offices in addition to its registered and corporate offices, supported by a sales and marketing team of 123 personnel. As on September 30, 2025, the Company also engages with 43 authorised dealers, by issuing joint authorization certificates with Cummins and itself, for providing prompt service across a wide range of market segments.
The Company’s revenue from operations for the six-months ended September 30, 2025 was Rs 1,447.44 crore and its net profit was Rs 134.55 crore.
Its revenue from operations was Rs 2,653.27 crore during FY25 as against Rs 2,378.26 crore during FY23.
Its net profit was Rs 175.83 crore during FY25 as against Rs 106.45 crore during FY23.
ICICI Securities Limited, IIFL Capital Services Limited (formerly known as IIFL Securities Limited) and Nuvama Wealth Management Limited are the book-running lead managers, and MUFG Intime India Private Limited (Formerly Link Intime India Private Limited) is the registrar of the offer.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively.
Powerica Limited is proposing, subject to receipt of requisite approvals, market conditions and other considerations, an initial public offer of its Equity Shares and has filed a red herring prospectus dated March 17, 2026 (“RHP”), with the Registrar of Companies, Mumbai-I, at Mumbai. The RHP is made available on the website of the SEBI at www.sebi.gov.in as well as on the website of the ICICI Securities Limited at i.e., https://www.icicisecurities.com/, IIFL Capital Services Limited at https://www.iiflcapital.com/ and Nuvama Wealth Management Limited at https://www.nuvamawealth.com, the website of the NSE at www.nseindia.com and the website of the BSE at www.bseindia.com and the website of the Company at https://www.powericaltd.com/. Any potential investor should note that investment in equity shares involves a high degree of risk and refer to the RHP, including the section titled “Risk Factors” beginning on page 31 of the RHP, for details.
The Equity Shares offered in the Issue have not been, and will not be, registered under the U.S. Securities Act and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and applicable state securities laws. The Equity Shares offered in the issue are being offered and sold only outside the United States in “offshore transactions” as defined in and in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
