Premier Energies IPO Subscription Details on Day 2

28 Aug 2024 , 12:36 PM

Premier Energies, a manufacturer of solar cells and modules, launched its IPO on August 27, 2024, aiming to raise ₹2,830.40 Crore. The IPO includes a fresh issue of 2.87 Crore shares worth ₹1,291.40 Crore and an offer for sale (OFS) of 3.42 Crore shares totaling ₹1,539 Crore. The IPO will be open for subscription until August 29, 2024, with shares priced between ₹427 and ₹450 each. Click here to subscribe the IPO.

As of August 28, 2024 at 11: 50 am, the IPO has been subscribed 3.40 times overall. Non-institutional investors (NIIs) have subscribed 9.35 times, while retail investors (RIIs) have subscribed 2.68 times.

Before the IPO, Premier Energies secured ₹846 Crore from anchor investors, indicating strong initial interest.

In the OFS, South Asia Growth Fund II Holdings LLC will sell 2.68 Crore shares, South Asia EBT Trust will offload 1.72 lakh shares, and promoter Chiranjeev Singh Saluja will divest 72 lakh shares.

Premier Energies’ current shareholding structure includes 72.23% by promoters, 26.12% by the public (including SAGF II), and 1.65% by employee trusts.

The IPO allocation is: 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors. Employees receive a ₹22 discount per share, with a minimum bid of 33 shares or ₹14,850.

The IPO allotment is expected on August 30, 2024, with shares listing on the BSE and NSE on September 3, 2024. Kotak Investment Banking, JP Morgan, and ICICI Securities are the lead managers.

Premier Energies, established in April 1995, operates five manufacturing facilities in Hyderabad, Telangana, specializing in integrated solar cell and module production.

The company’s revenue grew at a compound annual growth rate (CAGR) of 42.71% from FY21 to FY23, with a 120% increase in FY24 to ₹3,143 Crore. It reported a profit of ₹231 Crore for FY24, reversing a ₹13.3 Crore loss from the previous year.