2024-09-04 00:33:29
Mumbai: Shares of Premier Energies, a solar cell and solar panel manufacturing company, were listed on BSE and NSE today. It doubled the investors’ money in a single day. However, this IPO was only worth Rs 2838.40 crore. This means that very few investors were allotted its shares. But those who were allotted shares made a fortune.
How was the start in BSE
Today, the BSE Sensex opened in the negative. Despite this, Premier Energies shares were listed at Rs 991, up 540 rupees or 120.22 percent from the issue price. After this, the stock went up to Rs 993.45. But after that, the sellers dominated and the stock fell to Rs 874.45. Later, at 10:05 am, it improved and was trading at Rs 891.95.
How many shares were issued
Premier Energies raised Rs 2830.40 crore from the primary market through a book built issue. It was a combination of 2.87 crore shares worth Rs 1291.40 crore and 3.42 crore offer for sale (OFS) shares worth Rs 1539 crore. The issue received an excellent response from investors. Overall, it was oversubscribed 74.38 times. It received 7.44 times subscription in the retail category, 50.98 times in the NII category and 212.42 times in the QIB category.
How much did you get the shares for
Investors got its shares at Rs 450. Although its price band was fixed at Rs 427 to Rs 450, the shares were issued to investors at the upper band only. This issue was open for subscription from August 27 to August 29.
what the company does
Premier Energies Limited manufactures integrated solar cells and solar panels. The company’s product portfolio includes cells, solar modules, monofacial modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing plants in Telangana. The company has earned a profit of Rs 231 crore in the financial year 2023-24. However, a year ago it had a loss of Rs 13.3 crore.