August 26, 2024
New Delhi, India
Premier Energies IPO
The highly anticipated initial public offering (IPO) of Premier Energies, worth ₹2,830.40 crore, is set to open for subscription on Tuesday, August 27, 2024. The mainboard IPO comprises both a fresh issue and an offer for sale, aiming to raise significant capital for the company’s ambitious expansion plans.
IPO Details:
- Subscription Period: The Premier Energies IPO will be open for bidding from Tuesday, August 27, to Thursday, August 29, 2024.
- Price Band: The company has set the price band for the IPO at ₹427 to ₹450 per share, with a face value of ₹1.
- Lot Size: The minimum lot size for retail investors is 33 shares, requiring a minimum investment of ₹14,850.
- Issue Size: The IPO consists of a fresh issue of 2.87 crore shares worth ₹1,291.40 crore and an offer for sale (OFS) of 3.42 crore shares valued at ₹1,539.00 crore.
Key Dates:
- Allotment Date: The allotment of shares is expected to be finalized on Friday, August 30, 2024.
- Refund Date: Refunds for unsuccessful applicants are likely to be processed by Monday, September 2, 2024.
- Listing Date: Premier Energies’ shares are expected to be listed on the BSE and NSE on Tuesday, September 3, 2024.
Use of Proceeds: The net proceeds from the IPO will primarily be invested in Premier Energies Global Environment Private Limited, a subsidiary of Premier Energies. The funds will finance the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad. Additionally, a portion of the proceeds will be allocated for general corporate purposes.
Company Overview: Premier Energies is a leading manufacturer of integrated solar cells and modules. The company operates five manufacturing facilities in Hyderabad, with an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. Premier Energies has demonstrated strong growth in revenue from operations, with figures rising from ₹7,428.71 million in FY22 to ₹31,437.93 million in FY24. In Q1FY25, the company reported revenue of ₹16,573.67 million.
Despite facing losses in FY22 and FY23, Premier Energies turned profitable in FY24, recording a profit of ₹2,313.60 million. The company’s profit for Q1FY25 stood at ₹1,981.60 million, a significant increase from ₹313.29 million in the same quarter the previous year.
Grey Market Premium (GMP): According to stock market sources, the last recorded grey market premium (GMP) for Premier Energies IPO was ₹336. This suggests an estimated listing price of ₹786 per share (GMP + upper price band of ₹450), indicating a potential premium of 74.67% on the listing day.
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