Premier Energies IPO Up For Subscription From Today

Premier Energies IPO Up For Subscription From Today

Indian solar cell and solar module manufacturing company Premier Energies Limited today opened up its Initial Public Offer (IPO) for subscription for investors. The offerings will be open for the public from August 27 to August 29.

With the IPO offerings, the Hyderabad-based company has planned fresh equity sales of Rs 1,291 crore. The allotment is set to be finalised on August 30. The green energy company is also set to be listed on September 3. It has already generated Rs 846 crore from its anchor investors. 

As per the plan, the firm plans to sell its shares at the rate of Rs 427 to Rs 450 per share with a mandate for a minimum size of 33 equity shares. Premier Energies is one of the selected few companies in India to produce solar cells. A large chunk of solar cells in India otherwise is still imported from countries like China which has a monopoly in the industry. 

Premier Energies was established in 1995. It offers several offerings to the Indian solar market which includes solar modules, bifacial modules, solar cells, EPC solutions and O&M solutions too. Besides Premier Energies, there are limited solar cell makers in India. The other firms making solar cells include-Websol, Jupiter, Waaree, Adani Solar among others.

With several government schemes like PM Surya Ghar, PM-KUSUM and others progressing in the country, the demand for local solar cells especially under the DCR (Domestic Content Requirement) category has increased. The presence of selected solar cell manufacturing units in India allow these firms currently to enjoy better prices, avenues and a kind of monopoly in the market.