Premier Energies Limited, headquartered in Hyderabad, India, the country’s second-largest integrated solar cell and solar module manufacturer, has submitted its draft red herring prospectus (DRHP) to the capital markets regulator, SEBI, aiming to raise over Rs 1,500 crore through an initial public offering (IPO).
The IPO encompasses a fresh issue of equity shares totaling up to Rs 1,500 crore and an Offer for Sale (OFS) of up to 2,82,00,000 shares by the selling shareholders.
In the Offer for Sale component, South Asia Growth Fund II Holdings LLC intends to divest 2,38,46,400 equity shares, South Asia EBT Trust plans to divest 1,53,600 equity shares, and promoter Chiranjeev Singh Saluja aims to sell 42,00,000 equity shares.
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Premier Energies may explore a pre-IPO placement of specified securities for up to Rs 300 crores, which would result in a reduction of the fresh issue to the extent of such pre-IPO placement.
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The proposed utilization of the net proceeds from the fresh issue includes an investment of Rs 1,168 crores 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. The remainder will be allocated towards general corporate purposes.
With a focus on manufacturing solar PV cells and modules, executing EPC projects, independent power production, and offering O&M services, Premier Energies caters to a diverse clientele, including IPPs, OEMs, and off-grid operators such as NTPC and Tata Power Solar Systems.
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Premier Energies, boasting five manufacturing facilities, all situated on company-owned land in Hyderabad, achieved the status of the largest Indian exporter of solar cells to the United States in December 2023.
The company’s revenue from operations surged at a compounded annual growth rate (CAGR) of 42.71% from FY2021 to FY2023. By fiscal 2023, its revenue from operations reached Rs 1,428 crore, with Rs 2,017 crore recorded for the nine months ended December 31, 2023. As of March 15, 2024, Premier Energies had an order book of Rs 5,362 crore.
Kotak Mahindra Capital Company, JP Morgan India, and ICICI Securities are serving as the book running lead managers to the issue. The equity shares are proposed to be listed on both BSE and NSE.
