Premier Energies Doubles Investors’ Wealth in a Remarkable IPO Debut
The IPO for solar cell and module manufacturer Premier Energies was listed at INR 990 on September 3, 2024 generating a listing gain of 120% against the issue price of INR 450.
September 04, 2024. By EI News Network
On the NSE, the stock hit a high of INR 994.55 and a low of INR 802.10 and closed on INR 839.90. On the first day, the trading volume on the NSE stood at 58.22 Lakh.
The IPO was subscribed 73.83 times. While the non-institutional investor category was subscribed 49.44 times, the qualified institutional buyers category was subscribed 216.67 times. Retail individual investor category was subscribed 6.88 times.
The IPO was open for subscription from August 27-29, 2024. The INR 2,830.4 crore IPO was a mix of a fresh issuance of shares worth INR 1,291.4 crore and an offer for sale (OFS) component of 3.42 crore shares aggregating to INR 1,539 crore by promoters.
As we reported earlier, before the IPO, Premier Energies raised INR 846 crore from anchor investors and allocated 1.88 crore shares to 60 funds at INR 450 a unit, bringing the transaction size to INR 846.11 crore
According to the red herring prospectus, the IPO proceeds will be used for investment in a subsidiary, Premier Energies Global Environment Pvt. Ltd., for part-financing the set-up of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing plant in Hyderabad and general corporate purposes.
For the uninitiated, established in 1995, Premier Energies is a manufacturer of solar cells and modules, with its core operations centred around the production of Solar PV cells, specifically bifacial monocrystalline PERC cells using the M10 wafer size in a 182mm x 182mm format which could be assembled into solar modules.
The company also produces solar modules including monocrystalline PERC and TOPCon. These modules are available in different cell sizes, quantities, power outputs, and configurations – both monofacial and bifacial. Additionally, the company also engages in the sale of customisable and ad-hoc solar products besides offering EPC and O&M Solutions.
Premier Energies operates five manufacturing facilities – all located in Hyderabad. As of financial year 2023-24, the company reported revenue from operations of INR 3,143 crore, up from INR 1,428 crore in the previous fiscal year.
please contact: contact@energetica-india.net.
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