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Premier Energies IPO is a book-built issue of Rs 2,830.40 crores. The issue is a combination of a fresh issue of 2.87 crore shares aggregating to Rs 1,291.40 crores and an offer for sale of 3.42 crore shares aggregating to Rs 1,539.00 crores.
Premier Energies IPO opens for subscription on August 27, 2024, and closes on August 29, 2024. The price band for the IPO is set at ₹427 to ₹450 per share and the minimum lot size for an application is 33 Shares.
Company Summary
Incorporated in April 1995, Premier Energies Limited manufactures integrated solar cells and solar panels. The company’s product portfolio includes Cell, Solar Module, Monofacial modulesBifacial modules, EPC Solutions, and O&M Solutions.
The company has five manufacturing units, all of which are situated in Hyderabad, Telangana, India.
The clientele of the company includes NTPC, TATA Power Solar Systems Limited, Panasonic Life Solutions Private Limited (“Panasonic”), Continuum, Shakti Pumps, First Energy, Bluepine Energies Private Limited, Luminous, Hartek Solar Private Limited (“Hartek”), Green Infra Wind Energy Limited (a subsidiary of Sembcorp Green Infra Limited), Madhav Infra Projects Limited (“Madhav”), SolarSquare Energy Private Limited (“SolarSquare”) and Axitec Energy India Private Limited (“Axitec”).
As of July 31, 2024, the company had an order book of 59,265.65 million. This total included 16,091.14 million for non-DCR solar modules, ?22,140.60 million for DCR solar modules, ?18,911.18 million for solar cells, and 2,122.72 million for EPC projects.
The company has exported its products United States, Hong Kong, South Africa, Bangladesh, Norway, Nepal, France, Malaysia, Canada, Sri Lanka, Germany, Hungary, the United Arab Emirates, Uganda, Turkey, South Korea, China, Taiwan and Philippines.
As of June 2024, the company had 1,447 employees and 3,278 Contract laborers.
Company Financials
| Period Ended | 30 Jun 2024 | 21 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 3,735.50 | 3,554.13 | 2,110.69 | 1,341.49 |
| Revenue | 1,668.79 | 3,171.31 | 1,463.21 | 767.03 |
| Profit After Tax | 198.16 | 231.36 | -13.34 | -14.41 |
| Net Worth | 26.96 | 36.49 | -0.24 | -0.51 |
| Reserves and Surplus | 255.73 | 455.76 | 224.40 | 209.20 |
| Total Borrowing | 1,200.16 | 1,392.24 | 763.54 | 453.30 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The company proposes to utilize the net proceeds, being the gross proceeds of the Fresh Issue less the Offer related expenses (“Net Proceeds”), towards funding the following objects
- Investment in the Subsidiary, Premier Energies Global Environment Private Limited for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, India.
- General corporate purposes
Promoters of the Company
Surender Pal Singh Saluja and Chiranjeev Singh Saluja are the Promoters of the Company. The Promoters hold in aggregate 290,151,502 Equity Shares of the face value of ₹1 each, which constitutes 68.74% of the issued, subscribed, and paid-up Equity Share capital of the Company.
IPO details
| IPO Date | August 27, 2024 to August 29, 2024 |
| Listing Date | Tuesday, September 3, 2024 |
| Face Value | ₹1 per share |
| Price Band | ₹427 to ₹450 per share |
| Lot Size | 33 Shares |
| Total Issue Size | 62,897,777 shares (aggregating up to ₹2,830.40 Cr) |
| Fresh Issue | 28,697,777 shares (aggregating up to ₹1,291.40 Cr) |
| Offer for Sale | 34,200,000 shares of ₹1 (aggregating up to ₹1,539.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 33 | ₹14,850 |
| Retail (Max) | 13 | 429 | ₹193,050 |
| S-HNI (Min) | 14 | 462 | ₹207,900 |
| S-HNI (Max) | 67 | 2,211 | ₹994,950 |
| B-HNI (Min) | 68 | 2,244 | ₹1,009,800 |
Allotment Schedule
| Basis of Allotment | Friday, August 30, 2024 |
| Initiation of Refunds | Monday, September 2, 2024 |
| The credit of Shares to Demat | Monday, September 2, 2024 |
| Listing Date | Tuesday, September 3, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on August 29, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII (HNI) Shares Offered | Not less than 15.00% of the Offer |
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