Premier Energies IPO Day 2: Subscription At 3.37 Times, GMP Down

Premier Energies ₹1,539 crore IPO has a fresh issue of equity shares worth up to ₹1,291.4 crore, along with an Offer for Sale (OFS) of up to 3.42 crore shares by existing shareholders.

Premier Energies IPO Subscription Status

As of 11.51 am on August 28, the second day of the IPO was subscribed 3.40 times. The Non Institutional Investors’ portion was subscribed 9.35 times. The retail individual investors’ portion was subscribed 2.68 times with the employees’ portion being subscribed 4.60 times. The qualified institutional buyers’ portion was only subscribed 5%.

The IPO's allocation structure reserves up to 50% of the shares for qualified institutional buyers, a minimum of 15% for non-institutional investors, and 35% for retail investors.

Premier Energies IPO GMP

Premier Energies IPO GMP is currently at ₹390, a slight fall from ₹395 on the previous day. With the upper band of IPO priced at ₹450, the shares are expected to be listed at ₹840, an 86.67% premium.  However, it's important to note that while IPO GMPs can provide some insight into market sentiment towards an IPO, they are not always a reliable predictor of the stock's performance upon listing.

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Premier Energies IPO Details

Premier Energies IPO opened for subscription on Tuesday, August 27, and is set to close on Thursday, August 29. The minimum lot size for an application is 33 shares, requiring a minimum investment of ₹14,850 by retail investors. The allotment for the Premier Energies IPO is expected to be finalised on Friday, August 30, 2024. The shares are tentatively scheduled to be listed on both the BSE and NSE, on Tuesday, September 3, 2024.

The company raised ₹846.12 crore from its anchor investors before its IPO. Notable participants in the anchor round include Nomura, HDFC Mutual Fund, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund and Nippon India Mutual Fund.

About Premier Energies

Premier Energies Limited, founded in April 1995, is engaged in producing integrated solar cells and panels. The company has a wide product range that includes solar cells, solar modules, monofacial and bifacial modules, along with EPC and O&M solutions. It operates five manufacturing facilities, all located in Hyderabad, Telangana, India.

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