Premier Energies IPO Day 2: Issue subscribed 3 times so far; check timeline and other key details

Premier Energies IPO has received a good response from investors, with the issue being subscribed 3.05 times on Wednesday, the second day of subscription.

The ₹2,830.4 crore initial share sale received bids for 13.59 crore equity shares against 4.46 crore shares on offer, as per the consolidated data on the NSE.

The quota for retail investors was subscribed 2.46 times, while the portion for non-institutional investors attracted 8.23 times the subscription. The qualified institutional buyers (QIBs) received just 4% subscription.

The initial public offer, with a price band of ₹427-₹450 per share, involves a fresh issue of shares worth ₹1,291.4 crore and an offer for sale (OFS) of 3.42 crore shares. The public offer is open from August 27 to August 29.

Before the IPO, Premier Energies raised ₹846 crore from anchor investors.

The fresh issue proceeds up to ₹968.6 crore will be allocated to a subsidiary, Premier Energies Global Environment Private Limited, for part-financing the set-up of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Telangana, and for general corporate purposes.

About Premier Energies

Premier Energies is an integrated solar cell and solar module manufacturer with an annual installed capacity of 2 gigawatts (GW) for solar cells and 4.13 GW for solar modules. It has five manufacturing facilities.

Its customers include Panasonic, TATA Power Solar Systems, Continuum, Shakti Pumps, Bluepine Energies, Luminous, First Energy, Hartek, Madhav Infra Projects, Green Infra Wind Energy, SolarSquare Energy and Axitec.

As of July 31, 2024, it had an order book of ₹5,926 crore.

Premier Energies IPO: Financials

ICICI Securities, JP Morgan India, and Kotak Mahindra Capital Company are the book-running lead managers for the offer.