Premier Energies Share Price Highlights: Stock settles 15.2% lower after bumper debut at 120% premium

• Current price: ₹843.4 (-14.8%)
• Issue price: ₹990
• High: ₹994.5
• Low: ₹802.1

Proceeds from the fresh issue, totalling ₹968.6 crore, will be allocated for investment in the company's 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. The money will also be used for general corporate purposes.

• Current price: ₹873.7 (-11.7%)
• Issue price: ₹990
• High: ₹994.5
• Low: ₹860

Some of its customers include Green Infra Wind Energy, TATA Power Solar Systems, Shakti Pumps, Panasonic, Continuum, Bluepine Energies, Luminous, Hartek, First Energy, Madhav Infra Projects, SolarSquare Energy and Axitec.

The ₹2,830.4-crore initial share sale was subscribed 74.09 times, receiving bids for 3,30,76,25,013 shares against 4,46,40,825 equity shares on offer.

The IPO, which was live from August 27 to August 29, had a price band of ₹427-₹450 per share.

The public offer was a fresh issuance of shares worth ₹1,291.4 crore and an offer-for-sale (OFS) of up to 3,42,00,000 shares.

About Premier Energies

Premier Energies is an integrated solar cell and solar module manufacturer with 29 years of experience. Its annual installed capacity is 2 GW for solar cells and 4.13 GW for solar modules. It has five manufacturing facilities.