Premier Energies Limited Filed Papers With SEBI

One of the leading integrated solar cell and solar module manufacturers, Premier Energies Limited, has filed a Draft Red Herring Prospectus (DRHP) with India’s market regulator, the Securities and Exchange Board of India (SEBI), to raise funds from the general public via an Initial Public Offering (IPO). Premier Energies Limited IPO is a combination of both a fresh issue and an offer for sale. Under fresh issue, the company is seeking to raise ₹1,500 crore.

Under the offer-for-sale component, the selling shareholders will offer 2,82,00,000 equity shares with a face value of ₹1 each. The selling shareholders include South Asia Growth Fund II Holdings LLC, South Asia EBT Trust, and Chiranjeev Singh Saluja.

Premier Energies Limited has selected Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, and ICICI Securities Limited as book-running lead managers of the IPO. In addition, KFin Technologies Limited has been appointed as the registrar for the issue.

Objective of Premier Energies Limited IPO

Fresh Issue

• The company would use the funds raised from the fresh issue investment in its subsidiary, Premier Energies Global Environment Private Limited (PEGEPL), to partially finance 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.

Offer for Sale

The company will not receive any amounts raised from the offer-for-sale component. All the proceeds will be taken over by the selling shareholder.

Business Overview

Incorporated in 1995, Premier Energies Limited is the second largest integrated solar cell and solar module manufacturer, with an annual installed capacity of 2 GW and 3.36 GW, respectively, as of March 31, 2024. The company derives its revenue from multiple business operations mentioned below:

• Manufacturing solar photovoltaic (PV) cells.
• Manufacturing of solar modules, including custom-made panels for specific applications.
• Execution of EPC projects.
• Independent power production.
• O&M services with respect to EPC projects executed by the company.
• Sale of other solar-related products.

The company’s key customers across its business offerings include several IPPs, original equipment manufacturers (OEMs) and off-grid operators such as National Thermal Power Corporation Limited (NTPC), TATA Power Solar Systems Limited, Panasonic Life Solutions Private Limited, etc.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.