- IPO Highlights:
- Issue Size: ₹2,830.40 crores
Fresh Issue: ₹1,291.40 crores
Offer for Sale: 34,200,000 equity shares
Price Band: ₹427 to ₹450 per share
IPO Dates: August 27-29, 2024
Listing Date: September 3, 2024
BILKULONLINE
Ahmedabad, Aug 23: Premier Energies Limited, a leading integrated solar cells and modules manufacturer, has announced a price band of ₹427 to ₹450 per equity share for its upcoming initial public offering (IPO). The IPO will open for subscription on August 27, 2024, and close on August 29, 2024. The Hyderabad-based company, incorporated in April 1995, has established itself as the second-largest integrated solar cell and module producer in India.
The IPO, which aims to raise approximately ₹2,830.40 crores, comprises a fresh issue of ₹1,291.40 crores and an offer for sale of up to 34,200,000 equity shares with a face value of ₹1 each. The allotment of shares is expected to be finalized on August 30, 2024, with the listing slated for September 3, 2024, on both NSE and BSE.
Premier Energies’ product portfolio includes solar cells, monofacial and bifacial solar modules, along with comprehensive EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) solutions. The company operates five state-of-the-art manufacturing units in Hyderabad, Telangana, with an annual installed capacity of 2 GW for solar cells and 4.13 GW for modules.
Premier Energies’ robust order book, as of July 31, 2024, stands at ₹59,265.65 million, comprising orders for non-DCR solar modules, DCR solar modules, solar cells, and EPC projects. The company has a strong global presence, exporting its products to the United States, Hong Kong, South Africa, Bangladesh, and several countries across Europe, Asia, and Africa.
In Fiscal 2024, Premier Energies reported revenue of ₹31,437.93 million, a significant increase from ₹14,285.34 million in Fiscal 2023. The company’s Profit After Tax (PAT) for Fiscal 2024 was ₹2,313.60 million, marking a turnaround from the losses recorded in the previous two years.
The net proceeds from the IPO will be used for investment in the company’s subsidiary, Premier Energies Global Environment Private Limited, to part-finance the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad. The remaining funds will be utilized for general corporate purposes.
Surender Pal Singh serves as the Chairman of Premier Energies, while Chiranjeet Singh Saluja, the Managing Director and one of the Promoters, plays a key role in the company’s growth. In a recent media interaction held in Ahmedabad, Chiranjeet Singh Saluja, along with Adapa Srinivas, Chief Growth Officer, and Huafrid Billimoria, representing ICICI Securities, provided insights into the company’s future plans and the upcoming IPO.
- Premier Energies has positioned itself as a key player in the renewable energy sector, with plans to transition to 1,000 MW TOPCon solar cell technology by Fiscal 2025, further strengthening its market leadership.
Investors are advised to carefully consider the strengths of Premier Energies, including its strong market position, robust order book, and experienced promoter-led team, before making an investment decision.