Upcoming IPO: Mumbai-based Powerica files draft papers with Sebi to raise ₹1,400 crore via public issue. Details here
Powerica is offering a book-built public issue comprising a fresh issue of equity shares up to ₹ 700 crore with a face value of ₹ 5 apiece, along with an offer for sale (OFS) component of shares up to ₹ 490 crore by Naresh Oberoi Family Trust, and ₹ 210 crore by Kabir and Kimaya Family Private Trust, the promoter selling stakeholder of the public issue.
According to the company disclosure, the ₹ 525 crore of the proceeds from the public issue will be used to pay off certain loans taken by the firm, while the rest of the funds will be utilised for general corporate purposes.
The company also may consider a pre-IPO placement of ₹ 140 crore, if this goes through then the fresh issue component size will be reduced accordingly.
The company's draft papers showed that Powerica will allot not more than 50% of the offer to the qualified institutional buyers (QIBs), not more than 15% to the non-institutional investors (NIIs), and 35% will be allocated to the retail investors.
Powerica Ltd. is a power solutions provider incorporated in 1994. The company is involved in the generator set business, providing end-to-end power solutions in standby and prime power applications.
The company has clients in various sectors including commercial (hospitality, healthcare, banking and financial services industry – banks, education, residential and other real estate), infrastructure (retail infrastructure, logistics, railways and metros), manufacturing (industrial, process industries, dairy), agriculture (including cold storage and aquaculture), information technology/data centres, government and defense, and rentals, according to the official data.
The company owns and operates three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra.
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