Premier Energies' initial public offering (IPO) has been approved. The anchor book round saw investments of Rs 846 crore a day before it opened for subscription on August 27.
The Hyderabad-based integrated solar cell and solar module manufacturer allotted 18,802,666 equity shares to anchor investors at the anchor investor allocation price, according to exchange filings. ₹ 450 per equity share.
“The Board of Directors of the Company, in consultation with the Book Running Lead Managers to the Offer, at their respective meetings held on August 26, 2024, have finalised the allotment of 18,802,666 Equity Shares to the Anchor Investors at the Anchor Investor Allotment Price. ₹ 450 per equity share (including share premium) “Rs 449 per equity share),” the company said in a filing dated August 26.
HDFC Mutual Fund, Nomura Funds Ireland, Abu Dhabi Investment, Nippon Life India Trustee, Kotak Mahindra, Axis Mutual were among the participants in the anchor book round.
The company further informed that out of the total allocation of 18,802,666 equity shares, 8,834,356 equity shares were allotted to 17 domestic mutual funds (i.e. 46.98% of anchor allocation to domestic mutual funds through various schemes).
Premier Energies IPO Details
Premier Energies IPO will be open for subscription from Tuesday, August 27 to Thursday, August 29.
Premier Energies' IPO consists of a fresh issue of 2.87 crore shares, valued at The issue amount includes an offer for sale of up to 3.42 crore shares worth Rs 1,291.40 crore. 1,539.00 crores. This makes the Mainboard IPO a book-built issue, amounting to Rs 2,830.40 crore
The company has fixed the price band 427 and 450 per share, with face value of Rs. 1. The minimum lot size for an application is 33 shares, which means retail investors have to invest a minimum of 14,850.
The share allotment is expected to be finalised on Friday, August 30, and the company's shares will likely be listed on BSE and NSE on Tuesday, September 3. The refund process for unsuccessful applicants can be completed by Monday, September 2.
KFin Technologies is acting as the registrar for the Premier Energies IPO, while Kotak Mahindra Capital Company, JPMorgan India Private Limited and ICICI Securities are acting as book-running lead managers to the offering.