Telangana-based solar cell and module manufacturer and EPC solutions provider Premier Energies‘ ₹28.30 billion (~$337.4 million) initial public offering (IPO) of shares received an overwhelming response from various investor categories, with the issue subscribed over 74 times.

The Qualified Institutional Buyers quota was subscribed over 216 times, while the quota for non-institutional investors was subscribed nearly 50 times. The retail individual investors category was subscribed 7.25 times.

The price band of the IPO was fixed between ₹427 (~$5.09) and ₹450 (~$5.37) per share.

The IPO comprised an offer for sale of 34.2 million equity shares and a fresh issue of equity shares, aggregating to ₹12.91 billion (~$153.9 million).

The company had said in its draft red herring prospectus that the net proceeds from the IPO would be used to part-finance up to ₹11.68 billion (~$140.09 million)  a 4 GW solar TopCon cell and 4 GW TopCon module manufacturing facility in Hyderabad. The remaining funds would be used for general corporate purposes.

In the run-up to the IPO, Premier Energies had raised ₹8.46 billion (~$108 million) from 60 domestic and global investors, including HDFC Mutual Fund, ICICI Prudential MF, Nomura Funds Ireland, Abu Dhabi Investment, Nippon Life India Trustee, Kotak Mahindra, and Axis Mutual.

Premier Energies has an annual installed capacity of 2 GW for solar cells and 4.13 GW for modules as of June 30, 2024.

Of the total annual installed capacity, about 1.25 GW of solar cell and 1.6 GW of solar module manufacturing is housed in PEL, a 74% subsidiary. The balance is with two other 100% subsidiaries.

In August, North America-based solar PV module manufacturer Heliene announced a joint venture with Premier Energies to set up a solar cell manufacturing facility in the U.S.

Premier Energies was among the top five Indian module suppliers in 2023, according to Mercom’s India Solar Market Leaderboard 2024.