• Source:JND
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Premier Energies IPO Subscription Status: The initial public offering (IPO) of solar cell and module maker Premier Energies was fully subscribed on the first day of subscriptions on Tuesday. The initial share sale of Rs 2,830 crore received tenders for 9,35,61,699 shares against 4,46,40,825 shares on offer, according to NSE data. The quota of non-institutional investors was subscribed 5.37 times while the category for retail individual investors (RII) was subscribed 1.81 times.

The section for qualified institutional buyers (QIBs) received 4 percent of subscriptions. The IPO has a fresh issue of up to Rs 1,291.4 crore and an offer to sell up to 3,42,00,000 equity shares.

The offer price range has been set at Rs 427-450 per share. Premier Energies Ltd on Monday said it had raised Rs 846 crore from anchor investors.

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Proceeds of Rs 968.6 crore from the fresh issue will be allocated to partially finance the installation of 4 GW of solar PV topcon cells and 4 GW of solar PV topcon modules in the company's subsidiary Premier Energies Global Environment Pvt Ltd. Set up a manufacturing facility in Hyderabad, Telangana be and the balance will be used for general corporate purposes.

Premier Energies is an integrated solar cell and solar module manufacturer with 29 years of experience and an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. It has five manufacturing facilities.

Kotak Mahindra Capital Co., JPMorgan India, and ICICI Securities are the lead managers running the books of the offering.

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