Premier Energies IPO opens for subscription: Check price band, lot size and other key details

Premier Energies IPO: The initial public offering (IPO) of solar cell and module manufacturer Premier Energies opened for subscription on Tuesday, August 27 at 10 am. The public offer, which has set a price band of ₹427-₹450 a share, will conclude on August 29.

The ₹2,830.4 crore IPO is a mix of a fresh issuance of shares worth ₹1,291.4 crore and an offer for sale (OFS) component of 3.42 crore shares aggregating to ₹1,539 crore by promoters.

South Asia Growth Fund II Holdings LLC will divest 2.68 crore equity shares, South Asia EBT will sell 1.72 lakh shares, and promoter Chiranjeev Singh Saluja will offload 72 lakh shares under the OFS.

Premier Energies collects ₹846 crore in anchor round

Before the IPO, Premier Energies raised ₹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 ₹450 a unit, bringing the transaction size to ₹846.11 crore.

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 gigawatt (GW) Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing plant in Hyderabad, Telangana, and general corporate purposes.

JP Morgan India Pvt Ltd, ICICI Securities Ltd, and Kotak Mahindra Capital Company Ltd are the issue's book-running lead managers.

About Premier Energies

Premier Energies is an integrated photovoltaic (PV) cell and solar module manufacturer with an annulated installed capacity of 2 GW for solar PV cells and 4.13 GW for solar modules.

As of financial year 2023-24, the company reported revenue from operations of ₹3,143 crore, up from ₹1,428 crore in the previous fiscal year.