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Premier Energies IPO Fully Subscribed At 2.10 Times On Day One

The issue aims to raise Rs 2,830.4 crore. The offering consists of a combination of a fresh issue and an offer for sale from existing shareholders.

Divya Prata

Premier Energies Ltd. (Source: Company website)

The initial public offering of Premier Energies Ltd. opened for subscription on Tuesday and has been subscribed 2.10 times. The issue aims to raise Rs 2,830.4 crore. The offering consists of a combination of a fresh issue and an offer for sale from existing shareholders.

The public issue consists of a fresh issue of shares worth Rs 1,291.4 crore and an offer for sale component of Rs 1,539 crore, according to the red herring prospectus. The minimum lot size for bidding will be 33 shares, with further bids to be made in multiples.

The price band for the offering is set at Rs 427–450 per share. The IPO issue closes on Aug. 29.

Also Read: Premier Energies IPO: All You Need To Know

Issue Details

  • Issue opens: Aug. 27.

  • Issue closes: Aug. 29.

  • Issue price: Rs 427- 450 per share.

  • Total issue size: Rs 2,830.4 crore.

  • Fresh issue: Rs 1,291.4 crore.

  • Offer for sale: Rs 1,539 crore.

  • Bid lot: 33 shares.

  • Listing: BSE and NSE.

Also Read: Premier Energies Raises Rs 846 Crore From Anchor Investors Ahead Of IPO

Use Of Proceeds

  • Part-financing establishment of solar cell and solar module manufacturing facility in Hyderabad: Rs 968.6 crore.

  • Balance towards general corporate purposes.

Also Read: Premier Energies To Use IPO Proceeds To Build Hyderabad Solar Plant

About Premier Energies

Founded in April 1995, PEL manufactures integrated solar cells and solar panels. The company is also the second-largest solar cell and module manufacturer in India as per capacity. As of March, it has 16.2% market share in the total solar cell-installed capacity in India.

The company has five manufacturing units in Hyderabad. Its total annual installed capacity for solar cells stands at 2 GW, while its solar module production capacity is 4.13 GW.

Subscription Status: Day 1

The IPO has been subscribed 2.10 times on Tuesday.

  • Non-institutional investors: 5.38 times.

  • Retail investors: 1.81 times.

  • Portion reserved for employees: 3.16 times.

Also Read: IPO Rush: Seven New Issues, Five Listings To Hit Street This Week

Watch| Premier Energies IPO Details

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Divya Prata
Divya Prata is a desk writer at NDTV Profit, covering business and market n... more
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