Techniques are described herein for allocating transmit power between precoding resource groups (PRGs) and/or transmit chains of a user equipment (UE) to reduce the amount of total transmit power that is unused. The UE may determine a set of precoding scaling factors for each PRG to efficiently allocate a total transmit power between the PRGs using a two-stage approach. During a first stage, the UE may determine PRG-specific precoding scaling factors for each PRG associated with an uplink transmission. During a second stage, the UE may determine a residual precoding scaling factor to apply to all the PRGs associated with the uplink transmission and determine overall precoding scaling factors for each PRG. The second stage may be configured to refine the scaling factors determined in the first stage such that at least some of the unused transmit power is allocated to at least one of the PRGs or transmit chains.