From pv magazine India
Premier Energies has filed the draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise more than INR 1,500 crore ($180 million) through an IPO.
The company proposes to utilize the net proceeds of the fresh issue toward INR 1,168 crore of investment in its arm, Premier Energies Global Environment, for part-financing the establishment of a 4 GW TOPCon solar cell and 4 GW TOPCon solar module manufacturing facility in Hyderabad, Telangana, and the rest for general corporate purposes.
Premier Energies is India’s second largest integrated solar cell and solar module manufacturer, with an annual installed capacity of 2 GW and 3.36 GW, respectively, as of March 31, 2024, according to Frost & Sullivan. The company was established in 1995 by Surender Pal Singh Saluja, chairman and whole-time director.
The company’s revenue from operations increased at a compounded annual growth rate (CAGR) of 42.71% from fiscal 2021 to fiscal 2023.
Kotak Mahindra Capital Co. Ltd, J.P. Morgan India and ICICI Securities Ltd are the book running lead managers for the issuance. The equity shares are to be listed on the BSE and the National Stock Exchange of India.
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