Newly-listed Premier Energies jumps 20% on winning ₹215 crore project

2 min read | Updated on September 05, 2024, 16:05 IST

SUMMARY

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.

After making a blockbuster debut at the bourses two days ago, shares of Premier Energies jumped as much as 19.92% on the BSE in the afternoon trade on Thursday, September 5, after 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.

This initiative falls under Component B of the PM-KUSUM (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) scheme aimed at ensuring energy security for farmers in India, along with honouring India’s commitment to increase the share of installed capacity of electric power from non-fossil-fuel sources to 40% by 2030 as part of intended nationally determined contributions (INDCs), the filing added.

Premier Energies made its debut on the bourses on Tuesday, September 3, with a sharp premium of over 120% against the issue price of ₹450.

The stock made its debut at Rs 991, surging 120.22% from the issue price on the BSE. It later soared 120.76% to ₹993.45. On the NSE, shares of the firm were listed at Rs 990, a jump of 120%.

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The company's market valuation stood at ₹39,291.75 crore. The initial public offering (IPO) of Premier Energies was overall subscribed 74.09 times.

The ₹2,830 crore initial share sale had a fresh issue of up to ₹1,291.4 crore and an offer-for-sale of up to 3,42,00,000 equity shares.

Premier Energies is an integrated solar cell and solar module manufacturing company that was established in 1995. The company is backed by GEF Capital, a Washington, DC-based private equity investor. The company raised ₹846 crore from anchor investors.

Nomura Funds, Abu Dhabi Investment Authority, HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Kotak MF, Nippon India MF, Sundaram MF, and UTI MF were among the anchor investors, according to a circular uploaded on the BSE website.

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The company allocated 1.88 crore equity shares to 60 funds at ₹450 apiece, aggregating the transaction size to ₹846.11 crore, it showed.

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