Diesel generators seller Powerica’s IPO gets 1.45 times subscription

The initial public offering (IPO) of Mumbai-headquartered Powerica Ltd concluded its three-day bidding window, garnering an overall subscription of 1.45 times.The issue, comprising 2.05 crore equity shares in a price band of INR 375-395, attracted cumulative bids for approximately 2.98 crore shares.Qualified Institutional Buyers (QIBs) subscribed to their allocated quota 4.50 times. The Non-Institutional Investor (NII) segment remained subdued, subscribing only 0.44 times its reserved portion. Retail Individual Investors (RIIs) subscribed just 0.15 times their allotted quota.Powerica is an integrated power solutions provider, primarily manufacturing, selling, and servicing diesel generator (DG) sets.