Explore
Settings

Settings

×

Reading Mode

Adjust the reading mode to suit your reading needs.

Font Size

Fix the font size to suit your reading preferences

Language

Select the language of your choice. NewsX reports are available in 11 global languages.
we-woman
Advertisement

Premier Energies IPO Delivers Big: Investors Double Their Money as Shares Surge Beyond Grey Market Predictions

Premier Energies made a spectacular debut on the stock market on September 3, with its shares listing at Rs 991, a remarkable 120% premium over the IPO issue price of Rs 450 per share

Premier Energies IPO Delivers Big: Investors Double Their Money as Shares Surge Beyond Grey Market Predictions

Premier Energies made a spectacular debut on the stock market on September 3, with its shares listing at Rs 991, a remarkable 120% premium over the IPO issue price of Rs 450 per share. This substantial gain far exceeded grey market predictions, where the shares were expected to list at a 108% premium.

Investors who participated in the IPO saw their money more than double, with the profit per lot amounting to Rs 17,820. The Rs 2,830-crore public offering, which was a combination of a fresh issue and an offer-for-sale, was highly anticipated by investors. The IPO was oversubscribed 74.14 times, driven primarily by qualified institutional buyers who subscribed 216.67 times their allotted portion. Retail investors also showed strong interest, subscribing 7.33 times their quota, while employees and non-institutional investors subscribed 10.84 and 49.81 times their respective portions.

Premier Energies, founded in April 1995, specializes in solar energy solutions, including the manufacturing of solar cells, monofacial and bifacial modules, and providing EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) services. The company operates five production units in Hyderabad, Telangana.

Proceeds from the fresh issue, after expenses, will be invested in the development of a 4 GW Solar PV TOPCon Cell and Module plant in Hyderabad through Premier Energies Global Environment Private Limited, a subsidiary. The funds will also be used for general corporate purposes.

A day before the IPO opened on August 26, Premier Energies raised Rs 846.12 crore through its anchor book, attracting investment from global marquee investors such as Nomura Funds, Blackrock Institutional Trust Company, PGGM World Equity, and Abu Dhabi Investment Authority, among others.

 

 

 

Also read: Kolkata Rape-Murder Case: Sandip Ghosh’s Alleged Involvement in Selling Corpses and Corruption

Filed under

Stock

mail logo

Subscribe to receive the day's headlines from NewsX straight in your inbox