Hyderabad based Solar Company Premier Energies files DRHP with SEBI for the proposed IPO; Key Details here

Premier Energies is into Energy Solar and is looking raise funds through Fresh Issue & Offer for Sale

Premier EnergiesIPO: Fresh Issue of Equity shares aggregating up to Rs.1500 crores. Offer of Sale of 28,200,000 Equity Shares through public issue IPO

Premier Energies IPO: Premier Energies Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 1 per share via initial public offering.

Promoters of Premier Energies are Surender Pal Singh Saluja and Chiranjeev Singh Saluja and holds 91.25% stake in the company.

Key Details:

• Initial Public Offer comprising of a Fresh Issue aggregating up to Rs. 1500 crores and an Offer for Sale up to 28,200,000 Equity Shares..
• Kotak Mahindra Capital, JP Morgan India, ICICI Securities have been appointed as lead merchant bankers for the proposed IPO.
• It has appointed KFin Technologies Ltd. as Registrar and Share transfer Agent.
• Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 1,500 Crs and offer-for-sale (OFS) of up to 28,200,000 equity shares by Chiranjeev Singh Saluja (Promoter selling shareholder) to offload up to 4,200,000 Equity Shares. Other investors selling shareholders includes South Asia Growth Fund II Holdings LLC and South Asia EBT Trust who will offload up to 23,846,400 equity shares and up to 153,600 Equity Shares respectively...

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Objects of the issue:
1) Investment in our Subsidiary for module manufacturing facility in Hyderabad - Rs1,168.7 crores, and 2) General Corporate Purposes.

About Company:
Incorporated in 1995, Premier Energies Ltd is an integrated solar cell and module manufacturer with an annual installed capacity of 2 Gigawatts (“GW”) for cells and 3.36 GW for modules. Additionally company also provide engineering, procurement and construction (“EPC”) solutions, operations and maintenance (“O&M”) services and also operate as an independent power producer (“IPP”).

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About Industry:
Various supply side measures have put the Indian solar manufacturing sector on an accelerated growth trajectory. With immense potential for solar power generation, India is actively developing its cell and module manufacturing capabilities. The country’s module manufacturing capacity crossed the 60 GW mark in FY2024 and while its current solar cell manufacturing capacity stands at 7.2 GW, it is also poised for future exponential growth. India’s strong commitment to renewable energy, ambitious targets and favorable regulatory framework have attracted substantial investments in solar power projects, positioning India as a key player in the global solar market.

Source: SEBI, BSE, NSE, DRHP, Premier Energies, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.