New Delhi, March 27 -- The public offering for power solutions provider Powerica Ltd had received a 3% subscription on the second day of the share sale on Wednesday, March 25. The price range for the Powerica IPO has been set between Rs.375 and Rs.395, resulting in a company valuation of around Rs.5,000 crore.

Prior to the IPO beginning on Monday, Powerica raised Rs.329.40 crore from anchor investors. Shares were allocated to various institutional investors, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Quant Mutual Fund, Bandhan Mutual Fund, along with insurance firms such as Kotak Life, Edelweiss Life, and Reliance Nippon Life, as stated in a circular published on the BSE's website.

Powerica IPO has reserv...