Premier Energies IPO Sees 6.69x Subscription on Day 2

Premier Energies IPO, which opened for subscription on August 27, 2024, will close on August 29, 2024. The IPO is a book-built issue worth ₹2,830.40 crore, consisting of a fresh issue of 28,697,777 shares totalling ₹1,291.40 crore and an offer for sale of 3,42,00,000 shares of ₹1, totalling ₹1,539.00 crore.

Kotak Mahindra Capital Company Limited, ICICI Securities Limited, and J.P. Morgan India Private Limited are the book-running lead managers for the issue, with Kfin Technologies Limited serving as the registrar.

The company stated that it would use the net proceeds towards the following objects:

• To invest in their subsidiary, Premier Energies Global Environment Private Limited, to part-finance the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, India.
• For general corporate purposes.

Day Wise Subscription

• Day 1: On August 27, 2024, the IPO was subscribed to 2.14x. QIBs subscribed 0.04x, NIIs subscribed 5.51x, and retail investors subscribed 1.85x.
• Day 2: On August 28, 2024, Premier Energies IPO was subscribed 6.69x. QIBs subscribed 1.37x, NIIs subscribed 19.30x, and retail investors subscribed 4.32x.

Grey Market Premium

Premier Energies Limited IPO’s last GMP was ₹373.50. With a price band of ₹450, the estimated listing price of the Premier Energies IPO is ₹823.5 (cap price + today’s GMP). The expected percentage gain/loss per share is 83%.

About Premier Energies Limited

Premier Energies Limited manufactures bifacial monocrystalline PERC solar cells using M10 wafers (182mm x 182mm) and assembles them into modules. The company also produces solar modules with advanced technologies, which include monocrystalline PERC and TOPCon, offering various cell sizes, power outputs, and formats, including custom solutions.

Premier Energies provides customised solar products and executes comprehensive EPC projects, such as ground-mounted, rooftop, floating, canal bank, canal top, and hybrid power systems. Additionally, the company provides operation and maintenance services for these projects and operates a 2 MW solar power plant in Jharkhand, India.

As of August 20, 2024, the company runs 5 manufacturing units in Hyderabad, Telangana, with a combined annual capacity of 2 GW for solar cells and 4.13 GW for solar modules.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.