Premier Energies is scheduled to finalise share allotment basis on Friday, August 30. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate either over the weekend or latest by Monday, September 2. The solar product player had received a historic response from the investors during the three-day bidding.
The IPO of Premier Energies was open for bidding between August 27 and August 29. The Telangana-based company had offered its shares in the fixed price band of Rs 427-450 per share with a lot size of 33 shares. The company 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.
Premier Energies turned out to be a historic issue in terms of getting subscribed. The issue fetched bids for about Rs 1.49 lakh crore, with quota for institutional investors getting bids worth Rs 1.20 lakh crore. The company had offered 4,46,40,825 equity shares (net of anchor book) but investors applied for a total of 3,32,02,62,297 equity 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.
Grey market premium (GMP) of Premier Energies has seen a sharp upside after a bumper strong bidding for the issue. Last heard, the company was commanding a premium of Rs 420-425 per share, suggesting a listing pop of around 95 per cent for the investors. However, it was around Rs 375 apiece, when the issue had closed for the bidding.
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. Incorporated in April 1995, the company has five manufacturing units, all of which are situated in Hyderabad, Telangana.
Brokerages are mostly positive on the issue suggesting investors to subscribe to it for a long term. They are positive on its niche business, strong market share across the globe, experience management and diversified customer base. However, rise in input cost price, dependence on select customers, incurring of losses and limited product range are the major concerns for the IPO.
Kotak Mahindra Capital, ICICI Securities and JP Morgan India are the book running lead managers of the Premier Energies IPO, while Kfin Technologies is the registrar for the issue. Shares of the company are likely to be listed on both BSE and NSE on Tuesday, September 3.
Investors, who had bid for the issue of Premier Energies, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Premier Energies Ltd in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit
Investors can also check the allotment status on the online portal of KFin Technologies Limited (https://kosmic.kfintech.com/ipostatus), the registrar to the issue.
The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries.
1) Go to the web portal of KFin Technologies Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized
3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID
4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.