Premier Energies Sets IPO Price Band At Rs 427-450 Per Share
The company plans to raise up to Rs 2,830.4 crore from the primary market.
Solar cell manufacturer Premier Energies Ltd. has set the price band for its initial public offering at Rs 427–450 per share. The company plans to raise up to Rs 2,830.4 crore from the primary market.
The IPO consists of a fresh issue of Rs 1,291.4 crore and an offer-for-sale of 3.4 crore shares, aggregating to Rs 1,539 crore. The issue will open for subscription on Aug. 27 and close on Aug. 29. The minimum bid size for the IPO is 33 shares.
The selling shareholders include US private equity firm GEF Capital, which has two affiliates, and promoter Chiranjeev Singh Saluja.
Premier Energies Global Environment Pvt., a subsidiary, will invest the proceeds from the fresh issue to partially finance the construction of a 4 GW solar PV TOPCon cell and module manufacturing facility in Hyderabad.
Premier Energies operates five manufacturing facilities at three properties in Hyderabad, with an annual installed capacity of 2 GW for solar cells and 3.36 GW for solar modules.
The company reported a profit of Rs 231 crore in fiscal 2024, after two years of losses. It faces intense competition from solar cell and module makers from China and Southeast Asia, as well as domestic players.
