Shares of Premier Energies made a blockbuster debut at Dalal Street on Tuesday, September 03 as the stock turned multibagger on its listing at the bourses. The stock was listed at Rs 991 on BSE, a premium of 120.22 per cent over its issue price of Rs 450 per shares. Similarly, the stock was listed with a premium of 120 per cent over the given issue at Rs 990 on NSE.
The listing of Premier Energies has been on the better-than expected lines. Ahead of its listing, shares of the company were commanding a Grey market premium (GMP) of Rs 500-505 per share over its issue price, suggesting a superb listing pop of more than 110 per cent to the investors.
The IPO of Premier Energies ran for bidding between August 27 and August 29. The company had offered its shares in the fixed price band of Rs 427-450 per share with a lot size of 33 shares. It raised about Rs 2,830.40 crore via its primary offering, which included a fresh share sale of Rs 1,291.40 crore and an offer for sale of 3.42 crore shares.
The issue saw a solid bidding and was overall subscribed 74.38 times. The quota for qualified institutional bidders (QIBs) was booked a stellar 216.67 times The quota for non-institutional investors was subscribed a whopping 50.04 times. The portion reserved for employees and retail investors saw bidding for 11.43 times and 7.69 times during the bidding process.
Incorporated in April 1995, Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar module, monofacial modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.
Brokerages were mostly positive on the issue, with a suggestion of long-term subscription for the IPO. ICICI Securities, Kotak Mahindra Capital and JP Morgan India were the book running lead managers of the Premier Energies IPO, while Kfin Technologies was as the registrar for the issue.