Premier Energies makes bumper stock market entry, jumps more than 100% on debut

Premier Energies shares: Shares of renewable energy products maker Premier Energies made a bumper stock market debut on Tuesday, September 3 as the stock opened for trading at Rs 991, rising a whopping 120 per cent from Initial Public Offering price of Rs 450 on the BSE. On the National Stock Exchange, Premier Energies shares opened for trading at Rs 990, marking a rise 120 per cent.

Premier Energies shares were in high demand during the three-day share sale via IPO which ended on August 29 as the IPO was subscribed 75 times. Pie set aside for large investors like banks and financial institutions was booked 212.42 times, pie set aside for non-institutional investors was booked 51 times and pie set aside for retail investors was subscribed 7.44 times.

The company raised Rs 2,830.40 crore from the IPO which was a combination of fresh issue of Rs 1,291.40 crore and an offer for sale worth Rs 1,539 crore.

Premier Energies manufactures integrated solar cells and solar panels which are currently playing a key role in transforming India’s energy production patterns. Cell, solar modules, monofacial modules, bifacial modules, and EPC solutions are some of the central products for the company.

NTPC, Tata Power Solar Systems Limited, and Panasonic are some of the key clients for the company. The company currently holds five manufacturing units, all based in Hyderabad, Telangana.

As of 10:14 am, Premier Energies shares traded at Rs 870.20, up 93 per cent from IPO price.