Schedule of Premier Energies
| Issue open date | 27 Aug 2024 |
| Issue close date | 29 Aug 2024 |
| UPI mandate deadline | 29 Aug 2024 (5 PM) |
| Allotment finalization | 30 Aug 2024 |
| Refund initiation | 02 Sep 2024 |
| Share credit | 02 Sep 2024 |
| Listing date | 03 Sep 2024 |
| Mandate end date | 13 Sep 2024 |
| Lock-in end date for anchor investors (50%) | 29 Sep 2024 |
| Lock-in end date for anchor investors (remaining) | 28 Nov 2024 |
Note: The schedule is tentative. The anchor lock-in period ends 30 days after the actual allotment date for 50% of the shares and 90 days after for the remaining portion. The allotment status can be checked on the registrar's website and the exchange website.
About Premier Energies
Incorporated in 1995, Premier Energies is primarily an integrated solar cell and solar module manufacturer with 29 years of experience in the solar industry. Its business operations include:
- The manufacturing of solar photovoltaic (PV) cells, in particular, bifacial monocrystalline PERC cells
- The manufacturing of solar modules using different module technologies. The company also manufactures custom-made modules for specific applications
- The sale of customizable and ad hoc solar-related products depending on customer requirements such as customized bespoke solar tiles
- The execution of EPC projects which include end-to-end solar services for ground-mounted, rooftop, floating, canal bank, canal top, and hybrid power generation systems
- The provision of O&M services for EPC projects executed by the Company
- Independent power production through a 2 MW solar power plant in Jharkhand, India.
Financials of Premier Energies
Issue size
| Funds Raised in the IPO | Amount |
| Overall | ₹2,830.40 crores |
| Fresh Issue | ₹1,291.40 crores |
| Offer for sale | ₹1,539 crores |
Utilisation of proceeds
| Purpose | INR crores (%) |
| Investment in Premier Energies Global Environment Private Limited | 968.60 (75%) |
| General corporate purposes | 322.80 (25%) |
Strengths
- Diversified customer base with a robust order book: The company’s aggregate annual installed capacity and market position enable it to access a large and diversified customer base, both domestic and global. It serves domestic customers in 23 states and union territories in India with nearly 200 total customers from India and 27 total customers from overseas markets.
- Integrated solar cell and solar module manufacturer: According to F&S, the company is India’s second-largest integrated solar cell and solar module manufacturer in terms of annual installed capacity as of March 31, 2024.
Risks
- Past losses: The company incurred losses of ₹14.41 crores and ₹13.34 crores in FY22 and FY23 respectively primarily due to a delay in the stabilization and process setup of the cell line. Any similar losses in the future may adversely affect the business, financial condition, and cash flows.
- Decline in production and annual capacity: The Company experienced a significant decline in actual production and annual installed capacity of solar modules in the past three Fiscals as one of its units became technologically obsolete and could not be upgraded to the latest technology. Should similar decreases occur in the future, the company’s business and financial condition may be adversely affected.
- Negative cash flows: The company had negative cash flows of ₹15.53 crores in Fiscal 2023 and ₹41.05 crores in the three months ended June 30, 2024, and may continue to have negative cash flows in the future.
- Higher working capital requirements: The company has significant working capital requirements and any inability to meet such working capital requirements may have an adverse effect on its results of operations.