Powerica's Underwhelming IPO: Energy Giant Slips on Market Debut
Powerica Ltd's shares listed on the market at a discount of over 7% from its IPO price, amid a broader market downturn. The IPO, comprising a fresh issue and offer for sale, aimed to raise Rs 1,100 crore. Funds will support debt reduction and corporate initiatives. This IPO marked Powerica's second attempt to go public.
- Country:
- India
In a tepid market debut, shares of Powerica Ltd, a power solutions provider, listed with a discount of over 7% from the issue price of Rs 395, dropping to Rs 366 on the NSE. Meanwhile, the BSE listing began at Rs 375, reflecting a decline of 5.06%.
The market valuation for Powerica stood at Rs 4,684.95 crore on the NSE amidst a weaker market trend, with major indices like the BSE Sensex and NSE Nifty plunging over 2%. This occurs despite the Rs 1,100-crore IPO receiving favorable subscription, thanks to support from institutional buyers.
The IPO consisted of a fresh issue worth Rs 700 crore and an offer for sale of Rs 400 crore, aiming to reduce the company's debt and fund corporate purposes. A delayed initiative, Powerica previously postponed its IPO plans in 2019.
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