Premier Energies IPO Now Open for Subscription
The IPO proceeds will be used for investment in a subsidiary, Premier Energies Global Environment, for part-financing the set-up of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing plant in Hyderabad.
August 27, 2024. By News Bureau
The Initial Public Offering (IPO) of solar cell and module manufacturer Premier Energies has opened for subscription on August 27 and will be open till August 29, 2024. The INR 2,830.4 crore IPO is a mix of a fresh issuance of shares worth INR 1,291.4 crore and an offer for sale (OFS) component of 3.42 crore shares aggregating to INR 1,539 crore by promoters.
The company has set a price band of INR 427-450 per share and the minimum lot size is 33 shares. The company is expected to be listed on BSE and NSE on September 3, 2024.
Before the IPO, Premier Energies raised INR 846 crore from anchor investors, including Abu Dhabi Investment Authority, Nomura Funds, HDFC Mutual Fund (MF), Axis MF, ICICI Prudential MF, Kotak MF, Sundaram MF, Nippon India MF and UTI MF. The company allocated 1.88 crore shares to 60 funds at INR 450 a unit, bringing the transaction size to INR 846.11 crore, as per a regulatory filing by the company.
According to the red herring prospectus, the IPO proceeds will be used for investment in a subsidiary, Premier Energies Global Environment Pvt. Ltd., for part-financing the set-up of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing plant in Hyderabad and general corporate purposes.
For the uninitiated, established in 1995, Premier Energies is a manufacturer of solar cells and modules, with its core operations centred around the production of Solar PV cells, specifically bifacial monocrystalline PERC cells using the M10 wafer size in a 182mm x 182mm format which could be assembled into solar modules.
The company also produces solar modules including monocrystalline PERC and TOPCon. These modules are available in different cell sizes, quantities, power outputs, and configurations – both monofacial and bifacial. Additionally, the company also engages in the sale of customisable and ad-hoc solar products besides offering EPC and O&M Solutions.
Premier Energies operates five manufacturing facilities – all located in Hyderabad. As of financial year 2023-24, the company reported revenue from operations of INR 3,143 crore, up from INR 1,428 crore in the previous fiscal year.
The company has set a price band of INR 427-450 per share and the minimum lot size is 33 shares. The company is expected to be listed on BSE and NSE on September 3, 2024.
Before the IPO, Premier Energies raised INR 846 crore from anchor investors, including Abu Dhabi Investment Authority, Nomura Funds, HDFC Mutual Fund (MF), Axis MF, ICICI Prudential MF, Kotak MF, Sundaram MF, Nippon India MF and UTI MF. The company allocated 1.88 crore shares to 60 funds at INR 450 a unit, bringing the transaction size to INR 846.11 crore, as per a regulatory filing by the company.
According to the red herring prospectus, the IPO proceeds will be used for investment in a subsidiary, Premier Energies Global Environment Pvt. Ltd., for part-financing the set-up of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing plant in Hyderabad and general corporate purposes.
For the uninitiated, established in 1995, Premier Energies is a manufacturer of solar cells and modules, with its core operations centred around the production of Solar PV cells, specifically bifacial monocrystalline PERC cells using the M10 wafer size in a 182mm x 182mm format which could be assembled into solar modules.
The company also produces solar modules including monocrystalline PERC and TOPCon. These modules are available in different cell sizes, quantities, power outputs, and configurations – both monofacial and bifacial. Additionally, the company also engages in the sale of customisable and ad-hoc solar products besides offering EPC and O&M Solutions.
Premier Energies operates five manufacturing facilities – all located in Hyderabad. As of financial year 2023-24, the company reported revenue from operations of INR 3,143 crore, up from INR 1,428 crore in the previous fiscal year.
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