Premier Energies' IPO Surges with Massive Subscription

Premier Energies' initial public offering (IPO) saw overwhelming demand, being subscribed 74.09 times. The Rs 2,830 crore offering garnered extensive interest from institutional and retail investors. Premier Energies plans to use the proceeds for expanding its solar PV manufacturing facilities and general corporate purposes.

On the final day of its initial public offering (IPO) subscription, Premier Energies, a renowned solar cell and module manufacturer, saw its IPO being oversubscribed by 74.09 times.

The Rs 2,830 crore IPO received bids for 3,30,76,25,013 shares against the 4,46,40,825 shares that were available, according to NSE data. The segment for Qualified Institutional Buyers (QIBs) witnessed a significant 216.67 times subscription, while non-institutional investors subscribed 49.76 times. The Retail Individual Investors (RIIs) portion recorded a 7.25 times subscription rate.

Premier Energies plans to allocate Rs 968.6 crore from the proceeds for investment in a new 4 GW Solar PV TOPCon Cell and Module manufacturing facility in Hyderabad, and the rest for general corporate purposes.

(With inputs from agencies.)