ADIA Invests in India’s Premier Energies Ahead of IPO

The Abu Dhabi Investment Authority (ADIA) has been named an anchor investor in Premier Energies as the Indian solar manufacturer prepares for its initial public offering (IPO). Premier Energies raised INR 8.46 billion ($100.8 million) ahead of the IPO, with ADIA acquiring a 4.5% stake through an investment of INR 379.5 million ($4.52 million), according to a Bombay Stock Exchange (BSE) filing. ADIA’s investment amounts to 843,282 shares at an equity share price of INR 450 ($5.36).^[1]  

Other investors include Nomura Funds Ireland – India Equity Fund and the Government Pension Fund Global, each holding similar stakes. The IPO, which opened on August 27^th and will close on August 29^th, offers shares priced between INR 427 ($5.09) and INR 450 ($5.36) per equity share, with a face value of INR 1 ($0.012). The allocation includes 50% for qualified institutional buyers, 15% for non-institutional investors, and 35% for retail investors. Employees receive a discount of INR 22 ($0.26) per equity share.

ADIA has been investing in India, with more than $1 billion invested in the first half (H1) of 2024. Recent deals include a $240 million agreement with Prestige Group and Kotak AIF for residential projects and a $1.5 billion investment in warehousing assets owned by a subsidiary of RIL, alongside US-based KKR.