Premier Energies' Rs 2,830-crore initial public offering (IPO) saw strong demand on August 28, the second day of bidding, with subscriptions reaching 6.61 times the offer size. Investors placed bids for 29.48 crore shares, compared to the 4.46 crore shares available.
The IPO aims to raise Rs 1,291.4 crore through a fresh issue and Rs 1,539 crore via an offer-for-sale (OFS), based on the upper end of the price range of Rs 427-450 per share.
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Non-institutional investors led the charge, subscribing to 18.83 times their allotted portion. Retail investors followed, subscribing to 4.21 times their quota, while employees took up 6.62 times their reserved portion. The segment for qualified institutional buyers (QIBs) saw a 1.4 times subscription.
Established in April 1995, Premier Energies specializes in integrated solar cells and panels, offering products like solar cells, monofacial and bifacial modules, and EPC and O&M solutions. The company operates five manufacturing facilities in Hyderabad, Telangana, India.
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Proceeds from the fresh issue, after deducting related expenses, will primarily be used to invest in Premier Energies Global Environment Private Limited, a subsidiary, to help fund a 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad, and for general corporate purposes.
Trading of its shares on the BSE and NSE will begin on September 3.
Ahead of the listing, Premier Energies' IPO shares were trading at an 87 percent premium over the upper price band in the grey market, an unofficial platform for IPO share trading before the official listing.
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