Abu Dhabi ADIA Invests in Premier Energies India Ahead of IPO

Abu Dhabi ADIA: The Abu Dhabi Investment Authority (ADIA)  Indian summer investments go on with the UAE sovereign fund named an anchor in Premier Energies before the company’s initial public offering (IPO) which begins today.

The company raised 8.46 billion rupees ($100.8 million) before its public offering and ADIA Stable was the company’s lead investor.

ADIA Stable held up to 4.5% shares with an investment of INR 379.5 million.  ADIA owns 843,282 shares in Premier Energies at an INR 450 price per share.

The Government Pension Fund Global and the Nomura Funds Ireland–India Equity Fund are other lead investors whose shareholdings are similar to that of ADIA.

The company has set aside 50% of the shares for the Institutional buyers (QIB) while 15% of the net offer has been set aside for non-institutional investors (NII) and 35% for retail investors.

Also Read: Japan, Tokyo Governments Aim for $4.7 Billion Valuation in Tokyo Metro IPO: Sources

The company has also offered a discount to its employees of INR 22 per equity share.

Premier Energies’ IPO which opened for subscription on August 27 and will close on 29 August. The company issued fresh shares at a set price band of Rs 427 to Rs 450 per equity share.

Global SWF data shows that the ADIA invested more than $1 billion in the South Asian economy in the first half of 2024 as the company is more interested in the Indian market.

Indian startups have also benefited from ADIA’s big-ticket funding. In July, Purplle, an Indian beauty company closed an INR 1 billion ($120 million) round led by the state fund.

Also Read: Zenas BioPharma, Backed by Bristol-Myers Squibb, Files for U.S. IPO