Premier Energies IPO Listing: SME Issue Debuts With Over 121% Premium On NSE

The eagerly awaited debut of Premier Energies Ltd. IPO was scheduled today, which made its debut on the National Stock Exchange with over 121 per cent premium over issue price of Rs 450 per share.

The shares of Premier opened at Rs 990.00 at 10.00 am, which went on to touch a day-high level of Rs 994.55 per share on the Indian Stock Exchanges. The stock was currently trading at Rs 870.65 per share on the National Stock Exchange.

Subscription details

The IPO for Premier Energies has received 38.83 subscriptions as of Thursday, the final day of the bidding process. According to data available on the NSE until 14:55 pm, the issue received bids for 229.28 crore equity shares against 4.46 crore shares on offer.

A 49.76 times subscription was seen for the non-institutional investor quota, while a 7.25 times subscription was observed for the retail category. While the qualified institutional buyers (QIBs) portion has received 216.67 subscriptions thus far, the employee portion has only received 10.07 subscriptions.

Price band

Premier Energies is offering its IPO shares for between Rs 427 and Rs 450. The company intends to raise Rs 2,830.40 crore through the IPO, which consists of a new issue of 2.87 crore shares valued at Rs 1,291.40 crore and an offer for sale of 3.42 crore shares totalling Rs 1,539.00 crore.

Utilisation of IPO proceedings

The subsidiary Premier Energies Global Environment Private Limited will receive up to Rs 968.6 crore in proceeds from the new issue for general corporate purposes and as a partial funding source for the construction of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Telangana.