NE BUSINESS BUREAU
AHMEDABAD/CHENNAI, AUGUST 23
The country’s second largest solar products maker Premier Energies Limited on Friday announced its Rs 2,830 crore initial public offering (IPO) will open for bidding on Tuesday, August 27 and will close for bidding on Thursday, August 29. Anchor book for the issue opens on Monday, August 26.
The company will sell its shares in the range of Rs 427-450 per share. Investors can bid for a minimum of 33 equity shares and its multiple thereafter.
- Bid Offer will open on Tuesday, August 27, 2024 and close on Thursday, August 29, 2024
- The Anchor Investor Bidding Date shall be Monday, August 26, 2024
- Bids can be made for a minimum of 33 Equity Shares and in multiples of 33 Equity Shares thereafter.
The IPO includes a fresh share sale of Rs 1,291.4 crore and offer-for-sale (OFS) of up to 3.42 crore equity shares by its promoters and existing shareholders amounting to Rs 1,539 crore. At the upper end of the price band, the company is looking to raise a total of Rs 2,830.4 crore via IPO.
The net proceeds from issue shall be utilized towards investment in the subsidiary, Premier Energies Global Environment for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, India; and general corporate purposes.
The company has reserved a 50 per cent of the net issue for qualified institutional bidders (QIBs), while 15 per cent of the net offer has been allocated towards non-institutional investors (NIIs). Remaining 35 per cent of the net offering shall be allocated towards the retail investors for the issue.
Premier Energies has reserved shares worth Rs 10 crore for the eligible employees of the company, who will get a discount of Rs 22 per share during the bidding process for the issue
Incorporated in April 1995, Premier Energies manufactures integrated solar cells and solar panels. The company’s product portfolio includes cell, solar module, monofacial modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.
It had an order book of Rs 5,926.57 crore, as of July 31, 2024. It has exported its products to the United States, Hong Kong, South Africa, Bangladesh, Norway, Nepal, France, Malaysia, Canada, Sri Lanka, Germany, Hungary, the United Arab Emirates, Uganda, Turkey, South Korea, China, Taiwan and the Philippines.
Its clientle includes NTPC, Tata Power Solar Systems, Panasonic Life Solutions, Continuum, Shakti Pumps, First Energy, Bluepine Energies, Luminous, Hartek Solar, Green Infra Wind Energy, Madhav Infra, Solar Square Energy and Axitec Energy India.
The company has reported a net profit of Rs 198.17 crore with a revenue of Rs 1,668.79 crore for the quarter ended on June 30, 2024. The company turned profitable in FY 24 as its net profit stood at Rs 231.36 crore with a revenue of Rs 3,171.31 crore for the financial year 2023-24.
Shares of the company are likely to be listed on both BSE and NSE.
Kotak Mahindra Capital Company, JP Morgan India and ICICI Securities are the book running lead managers of the Premier Energies IPO, while Kfin Technologies is the registrar for the issue.
