Premier Energies share price ends 15% lower from listing price after doubling IPO money

Premier Energies share price settles lower after listing at 120% premium.

Premier Energies share price on 3 September ended 15 percent lower from the listing price, after more than doubling the IPO investors' money on its stock exchange debut. The solar cell and module manufacturer's stock closed at Rs 838.3 per share on the BSE.

Earlier today, Premier Energies shares listed with a sharp premium of over 120 per cent at Rs 991 apiece on the BSE against the issue price of Rs 450. The stock rose to an intraday high of Rs 993.45, before paring gains.

More than 6 crore shares were traded during the day on NSE and BSE combined.

The company's market valuation stood at Rs 37,849.27 crore, as per BSE data.

The Rs 2,830 crore initial share sale got subscribed 74.09 times on the last day of subscription on Thursday. It had a fresh issue of up to Rs 1,291.4 crore and an offer-for-sale of up to 3,42,00,000 equity shares.

The company intends to use the proceeds from the fresh issue for investment in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, and the remaining funds will be used towards general corporate purposes.

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