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Premier Energies, one of the largest manufacturers of solar cells and solar modules, has filed preliminary papers with capital markets regulator SEBI to raise funds through an initial public offering.
The IPO consists of a fresh issue of shares worth ₹1,500 crore by the company and an offer for sale (OFS) of shares worth ₹2.82 crore by the existing shareholders.
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Investors South Asia Growth Fund II Holdings LLC and South Asia EBT Trust and promoter Chiranjeev Singh Saluja are the selling shareholders of OFS.
As at the time of filing draft papers, the promoters hold 72.23 per cent shares on a fully diluted basis and 26.12 per cent shares are held by public shareholders including South Asia Growth Fund II Holdings LLC and South Asia EBT Trust. In addition, employees hold a 1.65 percent stake in the company.
The Hyderabad-based company may also consider mobilizing Rs 300 crore in a pre-IPO placement before filing the Red Herring prospectus with the Registrar of Companies.
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Premier Energies, which claims to be the second largest integrated manufacturer of solar cells and solar modules with an annual installed capacity of 2 GW and 3.36 GW respectively, will raise Rs 1,168.74 crore from the net proceeds of the fresh issue to set up a 4 GW -Project Solar PV TOPCon cells and 4 GW Solar PV TOPCon module manufacturing plant in Hyderabad through its subsidiary Premier Energies Global Environment (PEGEPL). The remaining fresh issue money will be used for general corporate purposes.
On the financial front, the company, which also focuses on execution of EPC projects, independent power generation and operation and maintenance services related to EPC projects, posted a consolidated loss of ₹13.3 billion for the financial year ended March FY23 . rupees, compared to a loss of 14.4 billion rupees in the previous financial year, but revenue from operations rose 92.3 percent to 1,428.5 billion rupees in the same period.
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However, the company was in the black in the nine-month period ended December FY24 with a profit of Rs 127.4 crore and a turnover of Rs 2,017.2 crore.
Premier Energies, with five manufacturing facilities in Hyderabad, provides business offerings to several clients including NTPC, Tata Power, Panasonic Life Solutions, Shakti Pumps, First Energy 6, Bluepine Energies, Luminous Power Technologies, Hartek Solar and Green Infra Wind Energy.
Also read: Sanathan Textiles re-files draft papers to raise Rs 800 crore through IPO
The company had an order book of ₹5,362 crore in the EPC projects as on March 15, 2024.
Kotak Mahindra Capital Company, JP Morgan India and ICICI Securities are the underwriters of the issue.
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