Whalesbook
Listing Day Ka Drama
Asli khel toh listing par hua! Powerica ke shares ne trading shuru ki ₹366 par NSE par, jo ki ₹395 ke issue price se 7.34% kam tha. BSE par bhi haal chaal aisa hi raha, share ₹375 par list hua, matlab 5.06% ka dip. Matlb, grey market mein jo 2% tak ke gains ya ₹402-₹405 tak ka listing price predict ho raha tha, woh sab galat nikla.
Kisne Kitna Paisa Lagaya?
Poore IPO ko 1.45 times subscribe kiya gaya tha. QIBs (Qualified Institutional Buyers) toh bhari pada tha, unhone 4.50 times apply kiya. Lekin NIIs aur Retail investors thode shyane ho gaye, woh sirf 0.44 aur 0.15 times hi subscribe kar paaye. Lagta hai yeh overall market pressure ka asar tha, kyunki Sensex aur Nifty bhi 2% tak neeche gir rahe the.
Sector Achha, Par Valuation?
Sectors ki baat karein toh Powerica Power sector mein hai, jahan demand badh rahi hai aur government 2030 tak 500 GW non-fossil fuel capacity ka target rakhe hue hai. Company DG sets aur wind power mein hai, toh aage chal kar demand achhi reh sakti hai, especially data centers aur industries se.
Lekin asli sawal valuation par hai. IPO ke baad P/E ratio lagbhag 24.45 (ya FY25 ke liye 28x, FY26 ke liye 18.6x) tha. Jabki Cummins India ka P/E 52 hai aur Kirloskar Oil Engines ka 34. Central Mine Pla ka 18.41 tha. Is hisaab se Powerica ka IPO valuation competitive lag raha tha, par shayad investors ko kuch aur dikha.
Chhupi Hui Mushkilein
Badi wajahon mein se ek hai operational efficiency aur margins ka girna. FY24 mein Return on Equity (ROE) 26.5% tha, jo FY25 mein gir kar 17.5% ho gaya. Aur company Cummins ke engines par kaafi depend karti hai, jo ek risk hai. Saath hi, 2025 mein IPO market bhi theek nahi chal raha tha, March 2026 tak 66% listings apne offer price se neeche trade kar rahe the.
SEBI ne bhi kaha hai ki grey market premiums par zyada bharosa na karein. Isliye ab investors company ki asli value par zyada dhyan de rahe hain. Kuch analysts ne 'Avoid' rating di hai valuation ke karan, jabki kuch 'Subscribe' bol rahe hain DG set demand ko dekh kar. Company par ₹1214.25 crore ka debt bhi hai as of February 2026, jis par nazar rakhni hogi.