Ahmedabad23 August2024 – Premier Energies Limited (“The Company”) will open its bid/offer in respect of the IPO of its equity shares on Tuesday, August 27, 2024. The total offer size is Rs. 12,914 million worth of fresh issue (“Fresh Issue”) and includes an offer for sale of 3,42,00,000 equity shares (“Offer for Sale”) (the “Offer“).
The anchor investor bidding date will be Monday, August 26, 2024 and the bid offer will close on Thursday, August 29, 2024. The price band of the offer per equity share is Rs. 427 to Rs. 450 is (“Price Band”).
PREMIER ENERGIES LIMITED INITIAL PUBLIC OFFERING TO OPEN ON TUESDAY, AUGUST 27, 2024
Bids may be made for a minimum of 33 equity shares and thereafter in multiples of 33 equity shares (“Bid Lot”).
The Company proposes to use the proceeds from the Fresh Issue as follows: (1) Part-financing for setting up 4 GW Solar PV Topcon Cell and 4 GW Solar PV Topcon Module manufacturing unit at Hyderabad, Telangana in its subsidiary Premier Energies Global Environment Pvt Ltd estimated at Rs. 9,686.03 million for investment to be made in the financial year 2025 and financial year 2026 (2) for general corporate purposes (the “Objects of Offer“).
In the offer for sale of 3,42,00,000 equity shares up to 2,68,27,200 equity shares by South Asia Growth Fund 1 Holdings LLC, 1,72,800 equity shares by South Asia EBT Trust (the “Investor Selling Shareholder”) and Chiranjeev Singh Saluja (“the Promoter Selling Shareholder”) (together the “Selling Shareholders”) comprising up to 72,00,000 equity shares.
Eligible employees bidding in the Employee Reservation Portion will be entitled to Rs. A discount of 22 is given (“Employee Reservation Portion Discount”).
Registrar of Companies, Telangana at Hyderabad (“ROC”), Red Herring Prospectus (“Red Herring Prospectus” / “RHP”) are offering these equity shares.
Equity Shares offered through Red Herring Prospectus BSE Limited (“BSE”) and National Stock Exchange of India Limited (“NSE”, and together with the BSE, the “Stock Exchanges”) plans to list on named stock exchanges. BSE will be the designated stock exchange for the purposes of the offer.
Read with Regulation 31 of the SEBI ICDR Regulations and amended (the “SCRR”) This offer is made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957. The offer is made through a book building process in accordance with Regulation 6(1) of the SEBI ICDR Regulations wherein a maximum of 50 per cent of the net offer is to qualified institutional buyers (“QIBs”) (the “QIB Portion”) will be available for allocation on a pro rata basis,
After discussion with BRLM, up to 60 per cent share of QIB portion of the company will be given to Anchor Investors (the “Anchor Investor Portion”) may allocate one-third of which will be reserved for local mutual funds which will be allocated to anchor investors at the price (“Anchor Investor Allocation Price”) or above subject to valid bids received from local mutual funds. In case of under-subscription or non-allocation in Anchor Investor Portion the remaining Equity Shares in the remaining QIB Portion (“Net QIB Portion”) will be added to
Further, 5 per cent of the net QIB portion shall be available for allocation on a pro rata basis only to mutual funds subject to valid bids received at or above the offer price and the remaining portion of the net QIB portion shall be available for allocation on a pro rata basis to all QIBs (excluding anchor investors) including mutual funds. shall be subject to valid bids received at or above the offer price.
In addition, a minimum of 15 percent of the net offer to non-institutional investors (“NIIs”) (“Non-Institutional Category”) will be available for allocation out of which non-institutional category one-third Rs. 2,00,000 and above Rs. 10,00,000 will be available for allotment to bidders with bid size and non-institutional category two-thirds of Rs. Bidders with bid size above 10,00,000 will be available for allotment.
In case of under-subscription in any of these two sub-categories of non-institutional category, bidders may be allotted to other sub-categories of non-institutional category as per SEBI ICDR regulations, subject to valid bids received at or above the offer price. Further, as per SEBI ICDR regulations, a minimum of 35 percent of the net offer is to Retail Individual Investors (“RIIs”) (“Retail Category”) will be available for allotment subject to valid bids received at or above the offer price.
All Bidders (except Anchor Investors) shall bid Blocked Amount (“ASBA”) shall compulsorily participate through the application supported by the process and in case of UPI bidders (as specified herein) shall provide the relevant bank account details (including UPI ID (as specified herein)) along with the bid amount in the Self Certified Syndicate Banks (“SCSBs”) or will be blocked by sponsor banks. Anchor Investors are not permitted to participate in the Offer through the ASBA process. For more details start on page 495 of the Red Herring Prospectus “Offer Procedure” Read on.
Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited and ICICI Securities Limited are the Book Running Lead Managers of the Offer (“BRLMs”) is All capitalized terms not defined herein shall have the meaning ascribed to them in the RHP.
