Powerica has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to garner Rs 1,400 crore through an initial public offering (IPO). The company's IPO is a combination of fresh issue of shares worth Rs 700 crore along with an Offer For Sale (OFS) of shares valued at Rs 700 crore by promoters.
Of the fresh issuance, funds worth Rs 525 crore will be utilised to pare the company's debt, and a portion will be used for general corporate purposes. ICICI Securities, IIFL Capital Services, and Nuvama Wealth Management have been appointed by Powerica to manage its maiden public issue. This is the company's second attempt to go public. Back in 2019, Powerica had filed draft papers with SEBI to float an IPO. However, the plan was shelved.
Powerica is an integrated power solutions provider specialising in diesel generator sets (DG sets), medium speed large generators (MSLG), and related services.
