Mumbai-based Powerica has received final approval from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise Rs 1,400 crore through an initial public offering (IPO).

The Company had filed its IPO papers with Sebi on August 8, 2025.

The IPO consists of a fresh issuance of equity shares worth Rs 700 crore and an offer-for-sale of shares worth Rs 700 crore by promoters – Naresh Oberoi Family Trust, and Kabir and Kimaya Family Private Trust.

The proceeds from its fresh issuance worth Rs 525 crore will be utilised for prepayment/repayment of certain outstanding borrowings availed by the Company, in part or full; and general corporate purposes.

The company  has been engaged in the business of diesel generator (DG) sets by way of manufacturing, marketing and supply, installation, testing and commissioning (“SITC”) of the sets and also undertake the related on-site works. It is one of the OEMs for Cummins and has maintained a relationship with them for over four decades.

Its DG set customers operate across diverse 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.

Powerica’s generator set business comprises of DG sets powered by Cummins engines, MSLG offerings in collaboration with Hyundai, and certain allied business activities (“Generator Set Business”).

As of the date of this Draft Red Herring Prospectus, the company owned and operated three manufacturing facilities located in Bengaluru, Karnataka; Silvassa, Dadra and Nagar Haveli; and Khopoli, Maharashtra. It has a network comprised 19 sales/marketing offices in addition to our registered and corporate offices, supported by a sales and marketing team of 126 personnel and 32 authorised dealers.

In addition to manufacturing and supply, it provides onsite installation services for DG sets. Building on its experience in the Generator Set Business, it entered the wind power sector in 2008 as an independent power producer (“IPP”) which includes developing and operating IPP projects as well as undertaking EPC and O&M activities for BoP primarily within the wind power industry (“Wind Power Business”) for a project of 4.80 MW at Samana, Jamnagar in 2008 under a 20-year PPA executed with Gujarat Urja Vikas Nigam Limited (“GUVNL”) and have since, steadily expanded its presence in Gujarat. As on March 31, 2025, it owned and operated 11 wind power projects in Gujarat, with a total installed capacity of 279.55 MW (“Operational Wind Power Projects”). In addition to its Operational Wind Power Projects, it is constructing two wind power projects of 104 MW in Gujarat that will take our IPP portfolio to a total installed capacity of 383.55 MW.

Powerica’s revenue from operations was ₹2,653.27 crore in FY 25 vis-à-vis Rs 2,378.3 crore in FY23. Its net profit was Rs 175.83 crore for Fiscal 2025 as compared to ₹ 106.5 crore for FY23.

ICICI Securities Limited, IIFL Capital Services Limited, and Nuvama Wealth Management Limited are the book-running lead managers and MUFG Intime India Private Limited is the registrar of the offer. The equity shares are proposed to be listed on BSE and NSE.