New Delhi: Premier Energies Ltd's shares debuted on Tuesday with a significant increase of more than 120 pc from the initial price of Rs 450. The stock debuted on the BSE at Rs 991, jumping 120.22 pc from the initial price. It then surged by 120.76 percent to reach Rs 993.45. Shares of the company at the NSE were listed at Rs 990, reflecting a 120 percent increase.
The company was valued at Rs 39,291.75 crore in the market. Premier Energies' IPO was 74.09 times oversubscribed by the end of the subscription period on Thursday. The initial public offering, worth Rs 2,830 crore, consisted of a new issue worth Rs 1,291.4 crore and an offer-for-sale of 3,42,00,000 equity shares. The offer is priced between Rs 427 and Rs 450 per share.
The Rs 968.6 crore raised from the new offering will be used to invest in Premier Energies Global Environment Pvt Ltd, partially funding the setup of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing unit in Hyderabad, Telangana. The rest of the money will go towards various company expenses. Premier Energies has been in the solar cell and solar module manufacturing industry for 29 years, with an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. There are five manufacturing facilities.
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