As many as 17 domestic mutual fund houses through a total of 37 schemes have picked shares worth ₹400.66 crore in the anchor allocation round of Premier Energies.

According to the company letter to stock exchanges released on August 26, the solar cell and solar module maker raised a total of ₹846.12 crore through its anchor book, a day before the IPO opened for subscription.

Notably, a total of 8,834,356 equity shares or 46.98% of the overall anchor allocation were subscribed by the domestic mutual funds through various schemes.

AMCs that invested

The anchor allocation letter showed that three asset management companies, HDFC Mutual Fund, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund invested the highest sum in the round at ₹37.94 crore each.

HDFC Mutual Fund picked up these shares via HDFC Dividend Yield Fund (₹15.62 crore), HDFC Manufacturing Fund (₹15.62 crore), and HDFC Business Cycle Fund (₹6.69 crore).

ICICI Prudential Mutual Fund invested via two schemes — ICICI Prudential Innovation Fund (₹17.97 crore) and ICICI Prudential Energy Opportunities Fund (₹19.97 crore).

Next, Nippon India Mutual Fund invested ₹37.94 crore via five schemes — smallcap, value fund, balanced advantage fund, multi asset allocation fund, and power & infra fund.

Both Kotak Mutual Fund and Axis Mutual Fund have invested ₹

34.28 crore each via three schemes and eight schemes, respectively, in the anchor allocation round of Premier Energies IPO.

ABSL MF invested via three schemes while two schemes of UTI AMC participated in the round.

Other notable participants in this investment spree included Mirae Asset Mutual Fund, Quant Mutual Fund, Bandhan Mutual Fund, and Sundaram Mutual Fund.

About Premier Energies IPO

The IPO, which was open for bidding between August 27 and August 29, sold its shares in the range of ₹427 to ₹450 apiece.

The offer included a fresh share sale of 2.87 crore shares aggregating to ₹1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore equity shares by its promoters and existing shareholders amounting to ₹1,539 crore.

The market capitalisation after listing stood at ₹44,671 crore.

The issue proceeds will be used to invest in arm Premier Energies Global Environment Pvt. Ltd. for part-financing a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad. TOPCon stands for Tunnel Oxide Passivated Contact, and it is a new type of solar cell being positioned as the next PV standard.

Premier Energies manufactures integrated solar cell and solar panel. The company’s product portfolio includes Cell, Solar Module, Monofacial modules, Bifacial modules, EPC Solutions and O&M Solutions.

The company has five manufacturing units, all of which are situated in Hyderabad, Telangana, India.