Premier Energies IPO: The initial public offering (IPO) of GEF Capital-backed solar photovoltaic (PV) cells manufacturer, Premier Energies, opens for public subscription on Tuesday, August 27, 2024. The company seeks to raise Rs 2,830.40 crore from the public issue. Ahead of its opening, the unlisted shares of Premier Energies are commanding a strong premium in the grey market. According to several websites that track grey market activities, the latest grey market premium (GMP) of Premier Energies IPO was quoted around Rs 190 or 42 per cent ahead of the upper hand of the issue price, reflecting a positive sentiment for the IPO.
Here are the key things to know from Premier Energies’ RHP papers ahead of the opening of the public issue:
Premier Energies IPO issue size
Among the promoters, Chiranjeev Singh Saluja is offloading up to 7,200,000 Equity Shares of face value of Re 1 each, while among the investors, South Asia Growth Fund II Holdings LLC is offloading up to 26,827,200 Equity Shares, and South Asia EBT Trust is selling up to 172,800 Equity Shares of face value of Re 1 each, as per the Red Herring Prospectus.
Premier Energies IPO objective
According to the RHP papers, Premier Energies proposes to utilise the net proceeds towards funding the investment in its 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. The company will use the remaining proceeds for general corporate purposes.
Premier Energies IPO timeline
Premier Energies shares are expected to make their debut on the bourses – BSE, NSE on Tuesday, September 3, 2024.
Premier Energies IPO price band, lot size
The public issue of Premier Energies will be available at a price band of Rs427-450 and a lot size of 33 shares. Accordingly, investors can bid for 33 shares of the company and in multiples thereof. The minimum amount to bid for the Premier Energies IPO for a retail investor is Rs 14,850.
Premier Energies IPO Registrar, Book running lead managers
For the public offering, Premier Energies has appointed Kfin Technologies as the registrar, while Kotak Mahindra Capital, JP Morgan India, and ICICI Securities are the book running lead managers of the public issue.
Premier Energies financial details
Premier Energies’ Restated Consolidated Revenue from operations during the quarter ended June 30, 2024, stood at Rs 1,657.36 crore, and Rs 3,143.80 crore for the financial year 2023-24. As per data available in the Red Herring Prospectus, the Restated Profit attributable to Owners of the company during Q1FY25 stood at Rs 198.16 crore and Rs 231.36 crore for FY24.
About Premier Energies
Premier Energies is an integrated solar cell and solar module manufacturing company. Backed by GEF Capital, a Washington DC-based private equity investor, Premier Energies is at the forefront of innovative technology, crafting high-tech photovoltaic products and solutions.
First Published: Aug 22 2024 | 1:30 PM IST
