Premier Energies Raises Rs 846 Crore From Anchor Investors Ahead Of IPO

Premier Energies Ltd. has raised Rs 846 crore from anchor investors on Monday ahead of its initial public offering. The company allotted 1.88 crore shares at Rs 450 apiece to 60 anchor investors.

Nomura Funds Ireland Public Ltd.- Nomura Funds Ireland-Indian Equity Fund, Government Pension Fund Global, Abu Dhabi Investment Authority- Stable got the highest allocation of 4.5%. National Pension Services. managed by Blackrock Institutional Trust Co., got the second highest allotment of 3.5%. Ashoka WhiteOak ICAV- Ashoka India Opportunities Fund got 3.3% stake, while Nippon Life India Trustee Ltd. -A/C Nippon India Small Cap Fund got 3.2% stake in the company.

Seventeen domestic mutual funds have applied through various domestic schemes, Premier Energies said in an exchange filing on Monday. They have collectively netted 46.98% of the anchor portion.

Axis, HDFC, ICICI Prudential, Nippon Life India Trustee Kotak Mahindra and Aditya Birla Sun Life were among the top fund houses in this category.

Kotak Mahindra Capital Co, J P Morgan India Pvt. and ICICI Securities Ltd. are the book-running lead managers to the issue.

The company will launch its initial public offering on Tuesday to raise up to Rs 2,830 crore.

The company has set a price band of Rs 427-450 per share for its three-day IPO, which consists of fresh issue of shares aggregating up to Rs 1,291.4 crore and an offer for sale of 3.42 crore shares. The minimum application lot size is 33 shares.

The offer, which concludes on Thursday, is set to list on the BSE and the National Stock Exchange.

Proceeds from the fresh issue to the tune of Rs 968.6 crore will be allocated for investment in the company's subsidiary, Premier Energies Global Environment Pvt., for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, and the remaining funds will be used towards general corporate purposes.