Powerica's Ambitious IPO Journey: A Bold Leap Towards Expansion

Powerica Ltd's IPO was 3% subscribed on day two of its launch. With goals to raise Rs 1,100 crore, the offering includes fresh shares and an Offer For Sale. Funds will be used to reduce debt and for corporate purposes. Powerica first filed for an IPO in 2019.

Powerica Ltd's initial public offering (IPO), aimed at securing Rs 1,100 crore, witnessed a modest subscription of 3% on the second day, according to the National Stock Exchange.

The accolades from retail investors stood at a 4% subscription, while non-institutional investors showed a 1% interest. Anchor investors had previously contributed Rs 329.40 crore.

Powerica's public offering involves fresh shares worth Rs 700 crore and a cut-down Offer For Sale by promoters. Plans also include using Rs 525 crore to reduce debt.

(With inputs from agencies.)