Premier Energies, a solar cell and module manufacturer from Telangana, has submitted its draft red herring prospectus (DRHP) to the Securities and Exchange Board of India, aiming to raise more than Rs 15 billion through an initial public offering (IPO). The IPO would include an offer by the selling shareholders to sell up to Rs 28.2 million shares, and a new issue of equity shares with a face value of Re 1, amounting to a total of up to Rs 15 billion.
In Hyderabad, Telangana, Premier Energies plans to partially finance the construction of a 4 GW solar TOPCon cell and module manufacturing facility by investing Rs 11.68 billion from the net proceeds of the new issue in Premier Energies Global Environment. The remaining funds will be used for general corporate purposes.
South Asia Growth Fund II Holdings is putting up to 23,846,400 equity shares with a face value of Re 1 each as part of the offer-for-sale component. This entity’s weighted average purchase cost per equity share is Rs 15.81. South Asia EBT Trust is offering up to 153,600 equity shares with a face value of 1 rupee each, where the weighted average cost of acquisition per share is 15.81 rupees. Before submitting the DRHP, Premier Energies might consider about issuing certain securities with a maximum total value of Rs 3 billion in conjunction with the booking running lead managers. If the pre-IPO placement get finalised, the funds collected will be subtracted from the new issue. Furthermore, J.P. Morgan India, ICICI Securities, and Kotak Mahindra Capital Company are the booking running lead managers for the transactions.
