Powerica's IPO, valued at ₹1,100 crore (roughly $132 million USD), is set to debut on April 2 with a grey market premium (GMP) of 2%, indicating a potential listing price of around ₹402–405 per share. The overall subscription rate was 1.53 times, but retail participation was notably weak at just 0.16 times, reflecting a lack of interest from individual investors. In contrast, qualified institutional buyers (QIBs) showed strong support, subscribing 5 times, which helped the issue surpass full subscription. This disparity highlights concerns about valuation and investor sentiment in the current market environment. Powerica, which specializes in power solutions including diesel generator sets and wind energy projects, reported steady financials with revenues exceeding ₹2,700 crore and a profit after tax of ₹175.83 crore for FY25. The IPO proceeds will be primarily used for debt repayment, with analysts noting that the pricing is reasonable compared to peers, with a post-issue price-to-earnings ratio of approximately 18.6 times. However, the weak retail response suggests limited potential for a significant debut pop.