Premier Energies IPO Set to Launch with Price Band of Rs 427-450

Premier Energies Ltd, a solar cell and module manufacturer, has announced an IPO with a price band of Rs 427-450 per share. The IPO, worth Rs 2,830 crore, includes a fresh issue of equity shares and an offer-for-sale by existing shareholders. The proceeds will fund new manufacturing facilities.

Solar cell and module manufacturer Premier Energies Ltd has announced a price band of Rs 427-450 a share for its Rs 2,830-crore initial public offering (IPO), set to open on August 27 and conclude on August 29. The Hyderabad-based company scheduled bidding for anchor investors for August 26.

The IPO merges a fresh equity issue totaling Rs 1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore shares by existing shareholders, valued at Rs 1,539 crore at the top end of the price band. This leads to a combined issue size of Rs 2,830 crore.

Proceeds from the fresh issue, approximately Rs 968.6 crore, will fund investments in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, directed towards establishing a 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad, alongside other general corporate purposes. Post-listing, the company expects a market capitalization of over Rs 20,000 crore.

(With inputs from agencies.)