Premier Energies IPO subscribed 74.14 times on day 3; QIB portion booked over 217x

Trading of shares on the BSE and NSE will begin on September 3.

Premier Energies' Rs 2,830-crore IPO continued to witness robust demand on August 29, the third and final day of bidding, with subscriptions reaching 74.14 times the offer size. Investors bid for 330.98 crore shares as against the 4.46 crore shares on offer.

The IPO aims to raise Rs 1,291.4 crore via a fresh issue and Rs 1,539 crore through an offer-for-sale (OFS), based on the upper price range of Rs 427-450 per share.

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Qualified institutional buyers led the subscription, taking up 216.67 times their allotted portion. Retail investors subscribed 7.33 times their quota, while employees subscribed 10.84 times their reserved portion. Non-institutional investors subscribed 49.81 times their reserved portion.

Founded in April 1995, Premier Energies specialises in integrated solar cells and panels, offering solar cells, monofacial and bifacial modules, and EPC and O&M solutions. It operates five manufacturing facilities in Hyderabad, Telangana.

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Proceeds from the fresh issue, after deducting related expenses, will 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 shares on the BSE and NSE will begin on September 3.

Ahead of the listing, Premier Energies' IPO shares were trading at an 88 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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