Premier Energies IPO Day 3: Mainboard issue booked 74 times; check subscription updates and other key details

Premier Energies IPO closed with a robust subscription on the final day of bidding on Thursday, August 29, as the mainboard issue was booked 74 times.

The public offer received bids for more than 330.49 crore shares against 4.46 crore shares on offer.

The Qualified Institutional Buyers (QIBs) led the demand for the shares of Premier Energies with bids for 266.27 crore shares against 1.22 crore shares reserved for the category. The QIBs’ portion was booked 216.67 times.

The issue was subscribed 49.68 times in the Non-Institutional Investors (NIIs) category, receiving applications for 47.85 crore shares compared to 96.31 lakh shares set aside for the category.

Retail individual investors applied for over 16.11 crore shares against 2.24 crore shares set aside for the category, booking the portion 7.17 times.

The Employees of the company applied for 26 lakh shares compared to 2.46 lakh shares reserved for them, booking their portion 10.5 times.

Premier Energies IPO offer size and price band

Premier Energies IPO was a book-building issue worth ₹2,830.4 crore comprising a fresh issue of 2.87 crore shares, aggregating to ₹1,291.40 crore, and an offers-for-sale (OFS) portion of 3.42 crore shares worth ₹1,539 crore.

The Premier Energies IPO price band was fixed at ₹427 to ₹450 per share.

Premier Energies IPO dates

The IPO was open for bidding from August 27 to August 29. The IPO allotment status is expected to be finalised on August 30. Refunds will be initiated for unsuccessful bidders on Monday, September 2, and shares will be credited to the Demat accounts of the successful bidders on the same day.

Shares of the company are expected to be listed on the NSE and BSE on September 3.

Premier Energies IPO registrar

The registrar of Premier Energies IPO is Kfin Technology Limited. The book-running lead managers of Premier Energies initial public offering are Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited and ICICI Securities Limited.

Premier Energies IPO objective

The company plans to use the money raised from the IPO for multiple purposes. It will invest in its subsidiary Premier Energies Global Environment Private Limited to build a 4 GW Solar PV TOPCon Cell and module manufacturing facility in Hyderabad, Telangana. A portion of the funds will also be used for general business expenses.

About Premier Energies Limited

Premier Energies Limited, founded in April 1995, manufactures integrated solar cells and solar panels. The company's product line comprises cells, solar modules, monofacial and bifacial modules, EPC solutions, and O&M solutions.

The company has five manufacturing facilities, all located in Hyderabad, Telangana, India.

The company's clients include NTPC, Tata Power Solar Systems Limited, Panasonic Life Solutions Private Limited, Continuum, Shakti Pumps, First Energy, Bluepine Energies Private Limited, Luminous, Hartek Solar Private Limited, Green Infra Wind Energy Limited, Madhav Infra Projects Limited, SolarSquare Energy Private Limited, and Axitec Energy India Private Limited.