Premier Energies Ltd., India’s second largest manufacturer of solar modules and cells, has announced its Initial Public Offering (IPO) in the price band of ₹427 to ₹450 per share with face value of ₹1 each.

The IPO will open on August 27 and close on August 29.

The total offer size of the issue, estimated at ₹2,830 crore at the upper price band, includes a fresh issue aggregating up to ₹1,291 crore and an Offer for Sale of up to 3.42 crore shares amounting to ₹1,539 crore.

Bids can be made for a minimum of 33 shares and in multiples of 33 shares thereafter.

The company proposes to utilise net proceeds from the fresh towards investment in its subsidiary, Premier Energies Global Environment Private Ltd. for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility at Hyderabad estimated to be ₹968. 6 crore to be deployed in FY25 and FY26; and general corporate purposes.

Chiranjeev Singh, Managing Director, Premier Energies, said that a greenfield factory for the production of solar cells and modules would have an investment of ₹3,400 core.

He said land had already been allotted for the entire project would be completed in FY26. Mr. Singh said the company was also getting into backward integration with planned investment of ₹150 crore.

For FY24, the company reported revenues of ₹3,144 crore and net profit of ₹233 crore. In Q1 of FY25 it reported revenues of ₹1,657 crore and net profit of ₹198 crore.