Premier Energies, India’s second-largest solar cell manufacturing company, may soon launch its IPO. The company plans to raise over Rs 1,500 crore from the IPO and has filed a draft with the market regulator SEBI.
IPO Will Be This Big
Hyderabad-based Premier Energies Solar is India’s second-largest manufacturer of integrated cells and solar modules. The company has filed a draft of its IPO with SEBI, in which it has informed us about its plan to raise more than Rs 1,500 crore. There is a proposal to make a fresh equity issue of Rs 1,500 crore in an IPO. Apart from this, existing shareholders can also sell their share of 2.82 crore shares through an Offer for Sale in an IPO.
Offer For Sale Proposal
According to the draft, the existing shareholders who will reduce their stake in the Offer for Sale include South Asia Growth Fund 2 Holdings LLC (2 crore 38 lakh 46 thousand 400 shares) and South Asia EBT Trust (1 lakh 53 thousand 600 shares). Are. Apart from him, promoter Chiranjeev Singh Saluja will sell 42 lakh shares in OFS.
Pre-IPO Placement Plan
Premier Energies may also bring pre-IPO placement before the IPO. According to the draft, the company can raise Rs 300 crore through pre-IPO placement. However, the company has also added that if there is a pre-IPO placement, the size of the fresh issue in the IPO will be reduced.
Funds Will Be Used Here
The company plans to use the money raised from the IPO for various purposes. The company will invest Rs 1,168 crore in its Premier Energies Global Environment Private Limited subsidiary. This amount will be used to build a 4 GW Solar PV Topcon Cell and a 4 GW Solar PV Topcon Module Manufacturing Facility in Hyderabad. The company will use the remaining amount for other corporate purposes.
