Premier Energies Limited has launched their IPO today (August 27, 2024) and it is open for bidding till August 29, 2024. The price band is Rs 427 to Rs 450 per equity share of face value of Rs 1 each. The minimum bid is 33 shares and further bidding can be done in multiples of 33 equity shares. Current employees are eligible for a discount of Rs 22 per equity share. Of the total shares up for bidding in the public issue, up to 50 per cent are allocated for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent is reserved for retail investors. The company has already received Rs 8.46 billion from anchor investors. The IPO is valued at Rs 28.304 billion. This includes a fresh share sale of Rs 12.914 billion and offer-for-sale of up to 34.2 million equity shares by its promoters and existing shareholders amounting to Rs 15.39 billion.
The capital raised from the IPO will be used for general corporate purposes and investment towards Premier Energies Global Environment, a subsidiary of Premier Energies Limited.
Premier Energies is manufacturer of integrated solar panels and solar cells located in Hyderabad. In July 2024, Premier Energies, along with Heliene announced a joint venture to establish a solar cell manufacturing facility in the US. In the same month, Premier Energies also bagged a contract to supply 350 MW solar modules to Apraava Energy in Rajasthan.
