Premier Energies IPO subscribed 74 times by final day of issue

Premier Energies IPO: Premier Energies share sale via initial public offering (IPO) was subscribed a whopping 74.07 times by the end of final day of bidding, data from the National Stock Exchange showed. Premier Energies shares were in high demand among large investors like banks, financial institutions and foreign institutional investors which fall under the category of Qualified Institutional Buyers (QIBs) as the portion reserved for them was booked 216.67 times.

QIBs placed 2,66,27,11,491 bids for 1,22,89,227 shares reserved for them. Foreign institutional investors placed 1,01,87,54,088 bids.

Pie set aside for high-net worth individuals (HNIs) which fall under the category of non institutional investors was booked 50 times and pie set aside for retail individual investors was booked 7.22 times.

Premier Energies sold shares in price band of Rs 427-450 per share and the company raised Rs 2,830.40 crore from the IPO which was a mix of fresh issue of Rs 1,291.40 crore and an offer for sale worth Rs 1,539 crore.

Retail investors were allowed to bid for minimum one lot of 33 shares up to maximum of 13 lots. One lot of Premier Energies shares in the IPO was priced at Rs 14,850 at the upper end of the price band.

Solar cell and module maker, Premier Energies had raised Rs 846 crore from anchor investors, a day ahead of the opening of its initial public offering for public subscription.

The money was mobilised by issuing 1.88 crore equity shares to 60 anchor investors at Rs 450 per share, the circular said on the BSE website. Marquee investors include Nomura Funds, Abu Dhabi Investment Authority, HDFC Mutual Fund, ICICI Prudential MF, Axis MF, Kotak MF, Nippon India MF, Sundaram MF, and UTI MF.

The company raised Rs 2,830 crore from the IPO which comprised of fresh issue of equity shares aggregating to Rs 1,291.4 crore and an offer for sale of up to 3.42 crore shares, amounting to Rs 1,539 crore at the upper price limit.

In the OFS segment, South Asia Growth Fund II Holdings LLC divested 2.68 crore shares, South Asia EBT offloaded 1.72 lakh shares and promoter Chiranjeev Singh Saluja sold 72 lakh shares.        

Premier Energies Limited manufactures integrated solar cell and solar panel. The company's product portfolio includes Cell, Solar Module, Monofacial modulesBifacial modules, EPC Solutions and O&M Solutions.

The company has five manufacturing units, all of which are situated in Hyderabad.