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The Abu Dhabi Investment Authority’s (ADIA's) Indian summer of investments continues, with the UAE sovereign fund named an anchor investor in Premier Energies ahead of the company’s initial public offering (IPO), which opens today.
The Indian manufacturer of integrated solar cells and panels raised 8.46 billion rupees ($100.8 million) ahead of its IPO with ADIA Stable emerging as one of its lead investors, picking up a 4.5% stake with an investment of INR 379.5 million, according to a Bombay Stock Exchange (BSE) filing.
ADIA’s investment accounted for 843,282 shares in Premier Energies, at a per equity share price of INR 450.
Other lead investors with a similar stake to ADIA include the Nomura Funds Ireland – India Equity Fund and the Government Pension Fund Global.
Up to 50% of the shares in the public issue are allocated for qualified institutional buyers (QIB), while 15% are allocated for non-institutional investors (NII). Meanwhile, an additional 35% of the offer is reserved for retail investors. Employees can benefit from a discount of INR 22 per equity share.
Premier Energies’ IPO will close on 29 August, with a price range of INR 427 to INR 450 per equity share with a face value of INR 1.
ADIA’s interest in the Indian market has seen the sovereign fund invest more than $1 billion in the South Asian economy in the first half of 2024, according to Global SWF data.
A flurry of dealmaking involving private equity funding and open market transactions in recent months have included a $240 million agreement with real-estate firm Prestige Group and Kotak AIF to develop residential projects in the country. ADIA and the US-based KKR were also named in a $1.5 billion investment in warehousing assets owned by a subsidiary of RIL.
Similarly, Indian startups have also benefited from ADIA’s big-ticket funding, with beauty retailer Purplle closing a INR 1 billion ($120 million) round led by the sovereign fund in July.
(Reporting by Bindu Rai, editing by Seban Scaria)
