Premier Energies announces Rs 427-450 price band for Rs 2,800 crore IPO. Check details
Premier Energies has announced a price band of Rs 427-450 for its upcoming Rs 2,830 crore initial public offering (IPO) which will open on August 27.
The IPO consists of a fresh issue of equity shares aggregating up to Rs 1,291 crore and an Offer for Sale (OFS) of up to 3.42 crore shares by the selling shareholders, which is equivalent to nearly Rs 1,539 crore based on the upper band price of Rs 450.
Under the offer-for-sale component, South Asia Growth Fund II Holdings LLC will divest 2.68 crore equity shares and South Asia EBT Trust will divest 1,72,600 equity shares and promoter Chiranjeev Singh Saluja will sell 72,00,000 equity shares.
The company proposes to utilize the net proceeds of the fresh issue towards investment worth Rs 1,168 crores in its subsidiary, Premier Energies Global Environment Private Limited (PEGEPL) 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 and the rest towards general corporate purposes.
Premier Energies is the second largest integrated player in India at the end of FY24, boasting 2 GW of annual installed capacity for cell manufacturing alongside its 4.13 GW of annual installed capacity for module manufacturing. It is the largest Indian exporter of solar cells to the US in FY24.
As of the date of filing RHP, the company has five manufacturing facilities which are all located in Hyderabad, and it conducts operations through eight subsidiaries in India and overseas.
India’s module
