This Article is From Aug 28, 2024

Premier Energies IPO Subscribed 6.61 Times On Day 2

Divya Prata
Markets
Aug 28, 2024 17:38 pm IST
- Published On Aug 28, 2024 17:42 pm IST
- Last Updated On Aug 28, 2024 17:38 pm IST

Read Time: 2 mins

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Premier Energies IPO Subscribed 6.61 Times On Day 2

Premier Energies Ltd. (Source: Company website)

The initial public offering of Premier Energies Ltd. has been subscribed 6.61 times on its second day on Wednesday. It opened for subscription on Tuesday and was subscribed 2.1 times. The issue aims to raise Rs 2,830.4 crore. The offering consists of a combination of a fresh issue and an offer for sale from existing shareholders.

The public issue consists of a fresh issue of shares worth Rs 1,291.4 crore and an offer for sale component of Rs 1,539 crore, according to the red herring prospectus. The minimum lot size for bidding will be 33 shares, with further bids to be made in multiples.

The price band for the offering is set at Rs 427–450 per share. The IPO issue closes on Aug. 29.

Issue Details

Issue opens: Aug. 27.
Issue closes: Aug. 29.
Issue price: Rs 427-450 per share.
Total issue size: Rs 2,830.4 crore.
Fresh issue: Rs 1,291.4 crore.
Offer for sale: Rs 1,539 crore.
Bid lot: 33 shares.
Listing: BSE and NSE.

Use Of Proceeds

Part-financing establishment of solar cell and solar module manufacturing facility in Hyderabad: Rs 968.6 crore.
Balance towards general corporate purposes.

About Premier Energies

Founded in April 1995, PEL manufactures integrated solar cells and solar panels. The company is also the second-largest solar cell and module manufacturer in India as per capacity. As of March, it has 16.2% market share in the total solar cell-installed capacity in India.

The company has five manufacturing units in Hyderabad. Its total annual installed capacity for solar cells stands at 2 GW, while its solar module production capacity is 4.13 GW.