Premier Energies Limited, an integrated manufacturer of solar cells and solar modules with an annual installed capacity of 2 GW and 3.36 GW respectively, has filed the Draft Red Herring Prospectus (DRHP) with SEBI to raise funds through an initial public offering (IPO) of ₹1,500 Crore to raise).
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The 29-year-old company, founded by Surender Pal Singh Saluja, said it will utilize the proceeds of the new issue in its subsidiary Premier Energies Global Environment Private Limited (PEGEPL). An investment of ₹1,168 crore would be made to part-finance the setting up of a 4 GW Solar PV TOPCon (Tunnel Oxide Passivated Contac) cell and a 4 GW Solar PV TOPCon module manufacturing plant in Hyderabad.
The IPO would consist of a fresh issue of shares aggregating up to ₹1,500 crore and an offer for sale of up to 2.82 crore shares by the selling shareholders.
“As part of the offer component, South Asia Growth Fund II Holdings LLC will sell 2.38 crore and South Asia EBT Trust will sell 1.53 lakh shares and promoter Chiranjeev Singh Saluja will sell 42 lakh shares,” the DRHP said.
The company may seek to place certain securities worth up to ₹300 crore before the IPO. “If the placement is made pre-IPO, the fresh issue will be reduced to the extent of such pre-IPO placement,” the company said.
Premier Energies, which has five manufacturing facilities in Hyderabad, has become India's largest exporter of solar cells to the United States in the nine months ended December 31, 2023.
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The company posted an operating revenue of ₹1,428 crore in financial year 2022-23. In the first nine months, the company recorded an operating revenue of ₹2,017 crore for the nine-month period ended December 31, 2023.
“As on March 15, 2024, the company had an order book of ₹5,362 crore,” it said.
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