Premier Energies shares rise 4% as arms win orders worth ₹1,087 crore; check details

These orders include ₹964 crore for solar modules and ₹123 crore for solar cells.

The supply of these modules is scheduled to commence in January 2025.

In September, shares of solar cell and module manufacturer Premier Energies were listed with a sharp premium of over 120% against the issue price of ₹450.

The stock made its debut at ₹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 ₹990, a jump of 120%.

The initial public offering (IPO) of Premier Energies got subscribed 74.09 times on the last day of subscription.

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.

The price range for the offer was ₹427-₹450 per share.

The company had said that proceeds from the fresh issue to the tune of ₹968.6 crore would be allocated for investment in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, and the remaining funds will be used towards general corporate purposes.

Established in 1995, Premier Energies is currently the second-largest integrated solar photovoltaic cell and module manufacturer in India and has completed 28 years of operations.

Over the past two and a half decades since Premier Energies has made the journey from introducing the first solar panel assembly line with a 3 MW/year capacity to establishing a fully integrated 2 GW solar cell and 2.5 GW solar module line.