Premier Energies is set to launch a book-built IPO with a total issue size of ₹2,830.40 crores. The bidding for this IPO will commence on August 27, 2024, and will close on August 29, 2024. The price band for the IPO has been set between ₹427 and ₹450 per share, and retail investors will need to make a minimum investment of ₹14,850.
Premier Energies IPO Synopsis
The IPO will open for subscription from Tuesday, August 27, 2024, to Thursday, August 29, 2024. The offering includes a fresh issue of 2.86 crore equity shares, amounting to ₹1,291.40 crores, and an offer for sale of 3.42 crore equity shares, amounting to ₹1,539 crores. This brings the total issue size to 6.28 crore equity shares, aggregating up to ₹2,830.40 crores.
The final allotment is expected to be completed on Friday, August 30, 2024. The shares are scheduled to be listed on the NSE and BSE on Tuesday, September 3, 2024.
This IPO is being managed by Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, and ICICI Securities Limited, who are serving as the book-running lead managers. Kfin Technologies Limited has been appointed as the registrar for the issue.
About Premier Energies Limited IPO
Incorporated in April 1995, Premier Energies Limited is a leading manufacturer of integrated solar cells and panels. The company’s product lineup includes solar cells, solar modules, monofacial and bifacial modules, EPC solutions, and O&M services.
Headquartered in Hyderabad, Telangana, Premier Energies operates five manufacturing units. The company has a robust clientele, including notable names such as NTPC, TATA Power Solar, Panasonic, and Luminous. As of July 31, 2024, the company held an order book valued at ₹59,265.65 million, with exports reaching 19 countries. The workforce comprises 1,447 employees and 3,278 contract laborers as of June 2024.
IPO Objectives
The funds raised through this IPO, excluding offer-related expenses, will primarily be used to invest in Premier Energies' subsidiary, Premier Energies Global Environment Private Limited. The primary goal is to partially finance the establishment of a 4 GW Solar PV TOPCon Cell and a 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, India. A portion of the funds will also be allocated for general corporate purposes.
Additional Information on Premier Energies IPO
Promoters and Shareholding: Surender Pal Singh Saluja and Chiranjeev Singh Saluja are the promoters of Premier Energies Limited, collectively holding 72.22% of the company’s shares. After the IPO, their shareholding is expected to reduce to 66.03%.
Strengths of IPOPremier Energies:
Premier Energies is launching its IPO, aiming to raise ₹2,830.40 crores through a combination of fresh equity and an offer for sale. The IPO will open for subscription on August 27, 2024, and close on August 29, 2024, with a price band set between ₹427 and ₹450 per share. The minimum investment for retail investors is ₹14,850. The company plans to use the proceeds to finance the establishment of a 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad, Telangana, while also allocating funds for general corporate purposes.
Founded in 1995, Premier Energies is a leading manufacturer of integrated solar cells and panels, offering a diverse product portfolio that includes solar modules, EPC solutions, and O&M services. The company operates five manufacturing units and serves high-profile clients like NTPC, TATA Power Solar, and Panasonic. With a strong global presence, Premier Energies exports to 19 countries and has an order book valued at ₹59,265.65 million as of July 31, 2024. Post-IPO, the promoters' shareholding is expected to decrease from 72.22% to 66.03%. The shares are slated to be listed on NSE and BSE on September 3, 2024.
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