Premier Energies Lands Rs 846 Crore from Anchor Investors Before IPO

Premier Energies Ltd, a key player in the solar energy market, has just announced it’s raised Rs.846 crore from anchor investors, just one day before its initial public offering (IPO) kicks off.

Anchor Investment Breakdown

The company’s lineup of anchor investors includes big names like Nomura Funds and Abu Dhabi Investment Authority, along with top mutual funds such as HDFC, ICICI Prudential, Axis, Kotak, Nippon India, Sundaram, and UTI. Premier Energies has set aside 1.88 crore equity shares for these 60 investors, priced at Rs.450 each, totaling Rs.846.11 crore.

IPO Details & Pricing

The IPO, worth Rs.2,830 crore, is set to run from August 27 to August 29. Shares are priced between Rs.427 and Rs.450. This offering includes a fresh issue of shares worth up to Rs.1,291.4 crore and an offer for sale (OFS) of up to 3.42 crore shares, valued at Rs.1,539 crore at the top end of the price range. The OFS includes sales by South Asia Growth Fund II Holdings LLC (2.68 crore shares), South Asia EBT (1.72 lakh shares), and promoter Chiranjeev Singh Saluja (72 lakh shares).

How the Funds Will Be Used

The fresh funds amounting to Rs.968.6 crore will go towards Premier Energies Global Environment Pvt Ltd. They’re planning to use this to help set up a new 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad. The rest of the money will be used for general corporate needs.

Company Snapshot & Financials

Premier Energies has been in the solar business for nearly 30 years, with a current installed capacity of 2 GW for solar cells and 4.13 GW for solar modules across five facilities. The company’s revenue from operations jumped to Rs.3,143 crore for FY24, up from Rs.1,428 crore the previous year. Kotak Mahindra Capital, J P Morgan India, and ICICI Securities are leading the IPO.

Conclusion: Wrapping Up, with a good interest from anchor investors and an impressive financial growth in the past year, Premier Energies seems ready to make waves in the renewable energy sector with its upcoming IPO.

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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.