The initial public offering of Premier Energies Ltd. opened for subscription on Tuesday and has been subscribed 2.10 times. The issue aims to raise Rs 2,830.4 crore. The offering consists of a combination of a fresh issue and an offer for sale from existing shareholders.
The public issue consists of a fresh issue of shares worth Rs 1,291.4 crore and an offer for sale component of Rs 1,539 crore, according to the red herring prospectus. The minimum lot size for bidding will be 33 shares, with further bids to be made in multiples.
The price band for the offering is set at Rs 427–450 per share. The IPO issue closes on Aug. 29.
Also Read: Premier Energies IPO: All You Need To Know
Issue Details
Issue opens: Aug. 27.
Issue closes: Aug. 29.
Issue price: Rs 427- 450 per share.
Total issue size: Rs 2,830.4 crore.
Fresh issue: Rs 1,291.4 crore.
Offer for sale: Rs 1,539 crore.
Bid lot: 33 shares.
Listing: BSE and NSE.
Use Of Proceeds
Part-financing establishment of solar cell and solar module manufacturing facility in Hyderabad: Rs 968.6 crore.
Balance towards general corporate purposes.
About Premier Energies
Founded in April 1995, PEL manufactures integrated solar cells and solar panels. The company is also the second-largest solar cell and module manufacturer in India as per capacity. As of March, it has 16.2% market share in the total solar cell-installed capacity in India.
The company has five manufacturing units in Hyderabad. Its total annual installed capacity for solar cells stands at 2 GW, while its solar module production capacity is 4.13 GW.
Subscription Status: Day 1
The IPO has been subscribed 2.10 times on Tuesday.
Non-institutional investors: 5.38 times.
Retail investors: 1.81 times.
Portion reserved for employees: 3.16 times.
Watch| Premier Energies IPO Details
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