Premier Energies IPO: The initial public offering (IPO) of solar panel maker Premier Energies Ltd will be closed on Thursday, August 29. The price band of the IPO was fixed at Rs 427-450 per share. Till 1:25 pm on the final day of bidding on Thursday, the 2,830.4-crore IPO received a 19.70 times subscription, garnering bids for 86,88,83,466 shares as against 4,41,06,533 shares on offer.
According to the latest data, the retail quota received a 5.98 times subscription, while the non-institutional investors category also got a 39.10 times subscription. The QIB category received a 29.34 times subscription on the first day of bidding.
The Premier Energies IPO was opened for public subscription on August 27. Its price band has been fixed at Rs 427-Rs 450 apiece. The share allotment will likely be finalised on August 30, while its listing will take place on both BSE and NSE on September 3.
Premier Energies IPO GMP Today
According to market observers, unlisted shares of Premier Energies Ltd are trading Rs 390 higher in the grey market than its issue price. The Rs 390 grey market premium or GMP means the grey market is expecting a whopping 86.67 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Premier Energies IPO: More Details
The IPO has a fresh issue of up to Rs 1,291.4 crore and an offer-for-sale of up to 3,42,00,000 equity shares.
The price range for the offer is fixed at Rs 427-450 per share.
Premier Energies Ltd on Monday said it has raised Rs 846 crore from anchor investors.
Proceeds from the fresh issue to the tune of Rs 968.6 crore will be allocated for investment in the company’s subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, and the remaining funds will be used towards general corporate purposes.
Premier Energies is an integrated solar cell and solar module manufacturer with 29 years of experience and an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. It has five manufacturing facilities.
Kotak Mahindra Capital Company, J P Morgan India and ICICI Securities are the book-running lead managers to the offer.
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