Premier Energies has been grabbing attention in the stock market with a spectacular run since its IPO.
After debuting with a 120 per cent rise over its issue price on September 3, the stock of the company is gaining upward momentum since its listing in the stock market.
As of September 6, the shares of the company have surged an additional 18 per cent, reaching a new high of Rs 1,188. This brings the total gain to 164 per cent since the IPO, with a staggering 30 per cent increase in just two days.
By the afternoon session, the shares of the company were trading at Rs 1,144.45, up by 13.90 per cent.
Screengrab of the share performance of the company |
The recent surge in Premier Energies’ stock came shortly after the company secured an order worth Rs 215 crore.
Rs 215 Crore Solar Pumping Order
The company through a BSE exchange filing on September 5 announced, "the Company has received order from Uttar Pradesh Department of Agriculture for the supply, installation, and commissioning with 5 years comprehensive warranty of 8,085 solar water pumping systems across various districts in the state. This project, valued at Rs 215 Crores, is scheduled for completion by March 2025."
"This initiative falls under Component-B of PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) Scheme aimed at ensuring energy security for farmers in India, along with honouring India’s commitment to increase the share of installed capacity of electric power from non-fossil-fuel sources to 40 per cent by 2030 as part of Intended Nationally Determined Contributions (INDCs)," added the company in the regulatory filing.
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About the IPO details
Before the public issue, the company raised Rs846.12 crore through its anchor book.
The shares of the company were listed at Rs 991, a 120 per cent premium over the IPO issue price of Rs 450 on September 3.
Premier Energies' Rs 2,830 crore public issue was subscribed 74.14 times. The public issue of the company began on August 27 and ended on August 29, 2024.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing in IPOs involves risks and potential volatility. Readers are advised to conduct their own research and consult a financial advisor before making investment decisions. The author and publisher are not responsible for any financial losses incurred by readers.
