Premier Energies Ltd Shares Soar 120% on Stock Market Debut

Shares of solar cell and module manufacturer Premier Energies Ltd skyrocketed over 120% upon their debut, substantially exceeding the issue price of Rs 450. They surged to Rs 991 on the BSE and Rs 990 on the NSE. The IPO was subscribed 74.09 times, with a fresh issue of Rs 1,291.4 crore.

Premier Energies Ltd saw a remarkable stock market debut on Tuesday, with shares listing at a significant premium exceeding 120% above the issue price of Rs 450.

Initially priced at Rs 991 on the BSE, the stock surged to 120.22%, later peaking at Rs 993.45. On the NSE, shares debuted at Rs 990, marking a 120% rise.

The company's market valuation has now reached Rs 39,291.75 crore. Premier Energies' IPO was highly successful, being subscribed 74.09 times. The Rs 2,830 crore issuance included a fresh issue of Rs 1,291.4 crore and an offer-for-sale of 3,42,00,000 equity shares. Funds from the fresh issue will primarily support the subsidiary, Premier Energies Global Environment Pvt Ltd, in setting up a major solar manufacturing facility in Hyderabad, with the remainder allocated to general corporate purposes.

(With inputs from agencies.)