Premier Energies started strong in the bourses on September 3 after its IPO bidding closed on August 29.

What Happened: Shares of Premier Energies got listed at ₹991 a 120% increase over its IPO price of ₹450 per share. The stock was listed above the grey market premium (GMP) of ₹487, which had predicted a listing price of ₹937. The shares had hit an intra-day high of ₹994.55 in the session.

The IPO was subscribed 74.38 times on the third and final day of the IPO.

Premier Energies raised ₹1,539 crore through the IPO, which comprised 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.

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The company which was founded in 1995, produces integrated solar cells and panels. The company has a wide product range that includes solar cells, solar modules, monofacial and bifacial modules, along with engineering, procurement and construction and operations and maintenance solutions. It operates five manufacturing facilities, all located in Hyderabad, Telangana, India.

Before the IPO, the company raised ₹846.12 crore from anchor investors including Nomura, HDFC Mutual Fund, Abu Dhabi Investment Authority, ICICI Prudential Mutual Fund and Nippon India Mutual Fund.

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