• Source:JND
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Premier Energy Ltd IPO: Hyderabad-based Solar cell and module maker Premier Energies Ltd announced on Thursday that it has fixed a price band of Rs 427-450 per share for its Rs 2,830-crore initial public offering (IPO). The initial share sale will start on August 27 and end on August 29, the company said, adding that the bidding for anchor investors will open for a day on August 26.

The IPO comprises a fresh issue of equity shares worth up to Rs 1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore shares by selling shareholders, valued at more than Rs 1,539 crore, at the upper price band. The total issue size, thus, stands at Rs 2,830 crore.

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Under the OFS component, South Asia Growth Fund II Holdings LLC will offload 26.8 million shares, South Asia EBT will sell 1.72 lakh shares, while promoter Chiranjeev Singh Saluja will sell 72 lakh shares.

The proceeds of Rs 968.6 crore from the fresh issue will be utilized towards the partial funding of the installation of 4 GW solar PV topcon cells and 4 GW solar PV topcon modules in the company's subsidiary Premier Energies Global Environment Pvt Ltd. The remaining funds will be used for general corporate purposes and working capital requirements.

Post-listing, the company's market capitalization is estimated to be more than Rs 20,000 crore.
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.

The company’s revenue from operations stood at Rs 3,143 crore during FY2024, up from Rs 1,428 crore in the previous fiscal. Kotak Mahindra Capital Company Limited, JP Morgan India, and ICICI Securities are the book-running lead managers for the issue.

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(With PTI's Input)