Premier Energies’ IPO was listed on the stock market today, making a strong start on both the BSE and NSE.
The shares were listed at ₹990 on the NSE, which is 120% higher than the IPO price of ₹450.
On the BSE, the shares were listed at ₹991, marking a 120.22% increase from the issue price.
However, after the initial surge, the stock experienced some profit booking, leading to a 12% drop during intraday trading.
Tremendous Response to the IPO
The initial public offering (IPO) of Premier Energies, a leading solar cell and module manufacturer, received a tremendous response.
The IPO, worth ₹2,830.40 crore, was open for subscription from August 27 to August 29, 2024, with a price band set between ₹427 and ₹450 per share.
Before the IPO launch, Premier Energies raised ₹846 crore from anchor investors.
The issue was highly subscribed, with bids 75 times more than the offered shares.
Specifically, the IPO received bids for 332.78 crore equity shares against an offer of 4.41 crore shares.
The retail category was subscribed 7.44 times, the non-institutional investor quota 50.98 times, the qualified institutional buyers (QIB) portion 212.42 times, and the employee portion 11.32 times.
About Premier Energies
Premier Energies Limited, established in April 1995, is a major player in the solar energy industry.
The company specializes in manufacturing integrated solar cells and panels, offering a diverse range of products including both monofacial and bifacial solar modules.
They also provide EPC (engineering, procurement, and construction) and O&M (operation and maintenance) services.
Premier Energies operates five state-of-the-art manufacturing facilities in Hyderabad and Telangana.
Kotak Mahindra Capital Company Limited, JPMorgan India Private Limited,
and ICICI Securities Limited acted as the book-running lead managers for the IPO, with KFin Technologies Limited serving as the registrar.
