Solar cell maker Premier Energies' IPO to open on August 27. Check details
Premier Energies, India's second-largest integrated solar cell and solar module manufacturer, will open for subscription on August 27 and close on August 29.
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.
Under the offer for sale component, South Asia Growth Fund II Holdings LLC will divest 2.68 crore scrips 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 utilise the net proceeds of the fresh issue towards investment worth Rs 1,168 crore 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 all located in Hyderabad, and it conducts operations through eight subsidiaries in India and overseas.
India’s module manufacturing capacity reached approximately 72 GW in FY2024 and while its current solar cell
