Premier Energies IPO to open for subscription from Aug. 27

Premier Energies intends to use INR 968.6 crore from the net proceeds to part-finance the establishment of a 4 GW TOPCon solar cell and module manufacturing facility in the Hyderabad district of the Indian state of Telangana. Amount not exceeding 25% of the gross proceeds will be utilized for general corporate purposes.

August 21, 2024 Uma Gupta

Premier Energies' solar cell production line

Image: Premier Energies

Hyderabad-based Premier Energies, India’s second-largest integrated solar cell and module manufacturer, announced that its initial public offering (IPO) will open for subscription on Aug. 27 and close on Aug. 29. Anchor investors bidding date is Aug. 26.

The IPO consists of a fresh issue of INR 1,291 crore and an offer for sale (OFS) of up to 34,200,000 equity shares with a face value of INR 1 per share.

The offer for sales comprises up to 26,827,200 equity shares of face value of INR 1 each by South Asia Growth Fund II Holdings, up to 172,800 equity shares of face value of INR 1 each by South Asia EBT Trust (together, the “investor selling shareholders”), and up to 7,200,000 equity shares of face value of INR 1 each by Chiranjeev Singh Saluja (the promoter).

Premier Energies has announced that the offer price, floor price and price band will be determined in consultation with the book running lead managers to the offer.

The company will invest INR 968.6 crore of the net proceeds from the IPO in its subsidiary, Premier Energies Global Environment to part-finance the establishment of a 4 GW TOPCon solar cell and 4 GW TOPCon module manufacturing facility in the Hyderabad district of the Indian state of Telangana. An amount not exceeding 25% of the gross proceeds will be utilised for general corporate purposes.

Kotak Investment Banking, JP Morgan and ICICI Securities are the book running lead managers to the issue.

Premier Energies is India’s second largest integrated solar PV manufacturer as on March 31, 2024, with 2 GW of annual installed capacity for cell manufacturing alongside its 4.13 GW of annual installed capacity for module manufacturing. It was India’s largest solar cell exporter to the United States in FY 2024. Fiscal 2024 revenue from operations increased by 120% to INR 3,143 crores from Fiscal 2023 revenue of INR 1,428 crore.

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