Premier Energies extends gains; stock jumps over 160% from issue price of ₹450

Premier Energies continued its stellar run on the bourses on Friday, September 6, after listing with solid gains earlier this week.

The stock today hit a high of ₹1,190 on the BSE, up 18% against the previous close of ₹1,007.20. From the issue price of ₹450, the stock has zoomed 164% in four days since listing.

At 1:45 pm, the scrip was ruling 14.55% higher at ₹1,153.75 on the BSE.

Yesterday, the company informed bourses that it has received an order from the Uttar Pradesh Department of Agriculture for the supply, installation, and commissioning of 8,085 solar water pumping systems across various districts in the state.

This project, valued at ₹215 crore, is scheduled for completion by March 2025.

The stock made its debut at Rs 991, surging 120.22% from the issue price on the BSE. On the NSE, shares of the firm were listed at Rs 990, a jump of 120%.

Premier Energies is an integrated solar cell and solar module manufacturing company that was established in 1995. Its ₹2,830 crore initial public offering (IPO) began on August 27 and concluded on August 29.

The price band for the public issue was ₹427-₹450 apiece. The IPO was a combination of a fresh issue of equity shares aggregating up to ₹1,291.4 crore and an offer-for-sale (OFS) of up to 3.42 crore shares by the selling shareholders, valued at ₹1,539 crore at the upper end of the price band. This took the total issue size to ₹2,830 crore.

Kotak Mahindra Capital Company, JP Morgan India, and ICICI Securities were the book-running lead managers for the issue.