The IPO (Initial Public Offering) of Premier Energies Limited has opened for investors on Tuesday, August 27, and will remain open until Thursday, August 29, 2024.
On August 28, anchor investors placed their bids. The Grey Market Premium (GMP) suggests that this IPO could offer good returns. Here are the key details you need to know.
Key Details of the IPO
Premier Energies Limited aims to raise Rs 2,830.40 crore through this IPO. The company is issuing fresh shares worth Rs 1,291.40 crore and will raise Rs 1,539 crore through an Offer for Sale.
A total of 6,29,09,198 shares are being offered in this IPO, with a face value of Rs 1 per share.
The price band is set between Rs 427 and Rs 450 per share, and company employees are offered a discount of Rs 22 per share.
The lead managers for the IPO are Kotak Mahindra Bank, JP Morgan India, and ICICI Securities.
Important Dates to Remember
IPO Opening Date: Tuesday, August 27
IPO Closing Date: Thursday, August 29
Share Allotment Date: Friday, August 30
Refund Date: Monday, September 2
Demat Account Credit Date: Monday, September 2
Listing Date: Tuesday, September 3
Strong Indications of Earnings
The grey market is showing positive signs for Premier Energies Limited’s IPO. As of Tuesday, August 27, the shares are trading at Rs 358 per share, which represents a 79.56% GMP.
If this trend continues, the shares could be listed at Rs 808 per share, potentially providing investors with strong returns on the first day.
About Premier Energies Limited
Premier Energies is India’s second-largest manufacturer of integrated solar cells and solar modules.
In the financial year 2023-24, it was the largest exporter of solar cells to the US, with total exports worth $31.2 million.
The company supplies its products to major companies like Tata Power Solar System, NTPC, Panasonic Life Solutions, Shakti Pumps, and Madhav Infra Projects in India.
Financial Performance
In the financial year 2023-24, Premier Energies earned Rs 3,143.79 crore, a significant increase from Rs 742.87 crore in 2022-23.
The company, which had suffered a loss of Rs 14.41 crore in the previous financial year, turned profitable in 2023-24, with a net profit of Rs 231.36 crore.
