• IPO issue details: Powerica is launching a ₹1,100 crore IPO priced between ₹375 and ₹395 per share, featuring a ₹700 crore fresh issue component to value the company at nearly ₹5,000 crore.
• Revenue and margins: Diesel gensets account for approximately 80% of revenue with 10–10.5% EBITDA margins, while the wind segment accounts for 20% of revenue with EBITDA margins ranging from 14–15% for BOP projects to 75–80% for greenfield IPPs.
• Wind power pipeline: The company operates 330 MW of wind IPP assets with 50 MW under construction, holds a 100 MW GUVNL bid win, and is currently executing 600 MW of wind EPC contracts across Gujarat and Maharashtra.
• GE joint venture: A 51:49 joint venture platform established with GE aims to develop 2 GW of infrastructure in Gujarat, granting Powerica BOP exclusivity and GE machinery exclusivity.
• Debt reduction: Powerica plans to utilize the majority of its ₹700 crore primary IPO proceeds to pay down its current debt of ₹572 crore, leaving the balance sheet virtually debt-free post-listing.