Shares of newly listed Premier Energies surged 17 percent to Rs 985, hovering close to its all-time high in the afternoon on September 5, after bagging an order worth Rs 215 crore from the Uttar Pradesh Department of Agriculture.
The development gains significance as it comes just two days from its stellar IPO, where shares doubled in value on September 3. The company's shares listed at Rs 991, a massive premium of 120 percent over the IPO issue price of Rs 450 per share.
The order is for the supply, installation, and commissioning with 5-year comprehensive warranty of 8,085 solar water pumping systems across various districts in the state. The order will be executed by March 2025, the firm stated in a regulatory filing on September 5.
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The Rs 2,830-crore public offer, comprising a fresh issue and an offer-for-sale, garnered significant attention from investors after being subscribed 74.14 times over three days. Qualified institutional buyers led the charge, subscribing 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 portion.
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Founded in April 1995, it specialises in solar solutions, including the manufacturing of solar cells, monofacial and bifacial modules, and offering EPC and O&M services. The company operates five production units in Hyderabad, Telangana.
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On August 26, a day before the issue opened, Premier Energies raised Rs 846.12 crore through its anchor book. The anchor investors included global marquee names such as Nomura Funds, Blackrock Institutional Trust Company, PGGM World Equity, Government Pension Fund Global, Abu Dhabi Investment Authority, Neuberger Berman Investment Funds, Morgan Stanley, BNP Paribas, Pioneer Investment Fund, Eastspring Investments, Carmignac Portfolio, and Allianz Global Investors Fund.
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