The IPO listing date for Premier Energies Limited is set for September 3, 2024
Premier Energies IPO Update: Key Details and Listing Insights
The much-anticipated Premier Energies Limited IPO has garnered significant attention in the market, reflecting strong investor interest. Here are the latest updates and key details as of today:
Premier Energies IPO Overview and Subscription Details:
Premier Energies’ IPO, with a price band set between ₹427 and ₹450 per share, saw its subscription period close on August 29, 2024. The IPO was highly oversubscribed, with an overall subscription rate of 74.38 times. Qualified Institutional Buyers (QIBs) led the demand, with a remarkable 216.67 times subscription, followed by Non-Institutional Investors (NIIs) at 50.04 times, and Retail Individual Investors (RIIs) at 7.69 times.
Allotment and Listing Date: The share allotment for Premier Energies’ IPO is scheduled to be finalized today, August 30, 2024. Investors can check their allotment status on the official websites of BSE, NSE, or Kfin Technologies. The shares are set to debut on the stock exchanges on September 3, 2024. Based on the current Grey Market Premium (GMP), the listing price is expected to be around ₹871, indicating a potential return of over 93% for investors.
Grey Market Premium (GMP): The IPO has been commanding a strong GMP of approximately ₹421, which is 93.56% above the upper end of the issue price. This suggests a robust listing gain for investors, driven by the strong market sentiment and favourable industry outlook.
Use of Proceeds: The funds raised through this IPO, which amounts to approximately ₹2,830 crore, will be utilized for expanding Premier Energies’ manufacturing capacity with a 4 GW Solar PV TOPCon manufacturing facility and other corporate purposes. The IPO includes both a fresh issue of ₹1,291.40 crore and an offer for the sale of existing shares worth ₹1,539 crore.
Company Background: Premier Energies is a leading integrated manufacturer of solar PV cells and modules, and also provides end-to-end solar solutions, including project execution and operations & maintenance (O&M) services. With India’s push towards renewable energy, Premier Energies is well-positioned to capitalize on the growing demand for solar power.
Investors and market watchers are eagerly awaiting the listing of Premier Energies on the BSE and NSE next week, expecting a strong debut given the high subscription rates and favourable market conditions.
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