Premier Energies Limited IPO Subscribed 2.14x on Day 1

Integrated solar cell and solar module manufacturer, Premier Energies Limited’s IPO opened for subscription on August 27, 2024 and will close on August 29, 2024. Premier Energies IPO is a book-built issue of ₹2,830.40 crore. The issue is a combination of a fresh issue of 28,697,777 shares aggregating to ₹1,291.40 crore and an offer for sale of 34,200,000 shares of ₹1 aggregating to ₹1,539.00 crore.

Premier Energies Limited has appointed Kotak Mahindra Capital Company Limited, ICICI Securities Limited and J.P. Morgan India Private Limited as the book-running lead managers, while Kfin Technologies Limited is the registrar for the issue.

The company would use the net proceeds towards the funding of the following objects:

• To invest in their subsidiary, Premier Energies Global Environment Private Limited, for part-financing the establishment of a4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, India.
• General corporate purposes.

Day Wise Subscription

On the first day of subscription, August 27, 2024, the IPO was subscribed to 2.14x. QIBs subscribed 0.04x, NIIs subscribed 5.51x, and retail investors subscribed 1.85x.

Grey Market Premium

Premier Energies Limited IPO’s last GMP was ₹390. With a price band of ₹450, the estimated listing price of the Premier Energies IPO is ₹840 (cap price + today’s GMP). The expected percentage gain/loss per share is 86.67%.

About Premier Energies Limited

Premier Energies Limited is involved in manufacturing bifacial monocrystalline PERC solar cells using M10 wafers (182mm x 182mm) and assembling them into modules. It also produces solar modules with advanced technologies such as monocrystalline PERC and TOPCon, offering various cell sizes, power outputs, and formats, including custom solutions.

Premier Energies provides tailored solar products and executes comprehensive EPC projects, including ground-mounted, rooftop, floating, canal bank, canal top, and hybrid power systems. Additionally, it offers operation and maintenance services for these projects and operates a 2 MW solar power plant in Jharkhand, India.

As of August 20, 2024, the company runs 5 manufacturing facilities in Hyderabad, Telangana, with a combined annual capacity of 2 GW for solar cells and 4.13 GW for solar modules.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.