Price band fixed at Rs 427-450 per share, know issue size, and other details
Business. Business: Premier Energy Ltd IPO Price Band: The IPO comprises a fresh issue of equity shares aggregating up to Rs 1,291.4 crore and an offer-for-sale (OFS) to selling shareholders of up to 3.42 crore shares valued at over Rs 1,539 crore at the upper price band. The total issue size is thus Rs 2,830 crore. Premier Energy Ltd IPO: Hyderabad-based solar cell and module manufacturer Premier Energies Ltd on Thursday announced 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 commence on August 27 and end on August 29, the company said, adding that bidding for anchor investors will open for a single day on August 26. And an offer-for-sale (OFS) to selling shareholders of up to 3.42 crore shares valued at over Rs 1,539 crore at the upper price band.
Thus, the total issue size is Rs 2,830 crore. Under the OFS component, South Asia Growth Fund II Holdings LLC will sell 26.8 million shares, South Asia EBT will sell 1.72 lakh shares, while promoter Chiranjiv Singh Saluja will sell 72 lakh shares. Proceeds of Rs 968.6 crore from the fresh issue will be used to partially finance the installation of 4 GW of Solar PV Topcon Cells and 4 GW of Solar PV Topcon Modules at the company’s subsidiary Premier Energies Global Environment Private Limited. The remaining funds will be used for general corporate purposes and working capital requirements. 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 FY 2024 as against 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 to the issue.
