Powerica sets price band for Rs 1,100-cr public issue

New Delhi: Power solutions provider Powerica Ltd on Wednesday said its Rs 1,100-crore initial public offering (IPO) will open for subscription on March 24, with proceeds primarily to be used for debt reduction.

The price band has been fixed at Rs 375-395 apiece, valuing the company at nearly Rs 5,000 crore.

The company’s IPO is a combination of fresh issue of shares worth Rs 700 crore, along with an OFS of shares valued at Rs 300 crore by promoters, according to the RHP.