Premier Energies IPO Fully Subscribed on First Day, Raises Rs 846 Crore

The IPO of solar cell and module manufacturer Premier Energies was fully subscribed on its first subscription day. The Rs 2,830-crore share sale drew bids for 9,35,61,699 shares against an offer of 4,46,40,825 shares. Premier Energies raised Rs 846 crore from anchor investors and plans to use proceeds for subsidiary investment and facility establishment.

The initial public offering (IPO) of solar cell and module manufacturer Premier Energies was fully subscribed on the first day of subscription, amounting to a Rs 2,830-crore share-sale.

NSE data indicates that the IPO received bids for 9,35,61,699 shares against 4,46,40,825 shares on offer. The non-institutional investors' quota was subscribed 5.37 times, while retail individual investors (RIIs) fetched 1.81 times and qualified institutional buyers (QIBs) received 4 percent subscription.

The IPO includes a fresh issue of up to Rs 1,291.4 crore and an offer for sale of up to 3,42,00,000 equity shares. The price range for the offer is between Rs 427-450 per share.

On Monday, Premier Energies announced it had raised Rs 846 crore from anchor investors.

Funds from the fresh issue, amounting to Rs 968.6 crore, will be utilized for investing in the company's subsidiary, Premier Energies Global Environment Pvt Ltd. The investment will partly finance the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, with remaining funds allocated for general corporate purposes.

Premier Energies, with 29 years of experience, is an integrated solar cell and module manufacturer that boasts five manufacturing facilities. The company has an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules.

Kotak Mahindra Capital Company, J.P. Morgan India, and ICICI Securities are the book-running lead managers for the offer.