Premier Energies IPO: Hyderabad-based firm mobilises ₹846 crore from anchor investors ahead of public issue

Premier Energies initial public offerings (IPO) garnered ₹846 crore in anchor book round a day before it opens for subscription on August 27.

According to the exchange filing, the Hyderabad-based integrated solar cells and solar modules manufacturer allocated 18,802,666 equity shares to anchor investors at anchor investor allocation price of ₹450 per equity share.

“The Board of Directors of the Company at their respective meetings held on 26 August, 2024, in consultation with the Book Running Lead Managers to the Offer, has finalized allocation of 18,802,666 Equity Shares, to Anchor Investors at Anchor Investor Allocation Price of ₹ 450 per Equity Share (including share premium of ₹ 449 per Equity Share),” the company said in the filing on August 26.

HDFC Mutual Fund, Nomura Funds Ireland, Abu Dhabi Investment, Nippon Life India Trustee, Kotak Mahindra, Axis Mutual were among the participants in the anchor book round.

The company further informed that out of the total allocation of 18,802,666 Equity Shares, 8,834,356 Equity Shares were allocated to 17 domestic mutual funds, (i.e. 46.98% of the anchor allocation to the domestic mutual funds through various schemes).

Premier Energies IPO details

The Premier Energies IPO will be open for subscription from Tuesday, August 27, to Thursday, August 29.

Premier Energies' IPO consists of a fresh issue of 2.87 crore shares valued at ₹1,291.40 crore, along with an offer for sale of 3.42 crore shares totaling ₹1,539.00 crore. This makes the mainboard IPO a book-built issue amounting to ₹2,830.40 crore.

The company has set the price band between ₹427 and ₹450 per share, with a face value of ₹1. The minimum lot size for an application is 33 shares, meaning retail investors need to invest at least ₹14,850.

Share allotment is anticipated to be finalized on Friday, August 30, with the company's shares potentially listing on the BSE and NSE on Tuesday, September 3. Refunds for unsuccessful applicants may be processed by Monday, September 2.

KFin Technologies is serving as the registrar for the Premier Energies IPO, with Kotak Mahindra Capital Company, JP Morgan India Private Limited, and ICICI Securities acting as the book-running lead managers for the offering.