Premier Energies IPO Closes Today

29 Aug 2024 , 03:44 PM

The IPO of Premier Energies Ltd, an integrated solar cell and solar panel manufacturer, has seen strong demand from investors. The IPO opened for subscription on August 27 and closes today, August 29.

At the time of writing at 12:53 pm on Thursday, the third day of bidding, the IPO had received a 14.75 times subscription. The retail investor quota was subscribed 5.67 times. The non-institutional investors (NII) category was subscribed 36.02 times. The Qualified Institutional Buyers (QIBs) category saw a 14.83 times subscription. The IPO is closing today.

The IPO allocation is: 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.

Premier Energies is India’s second-largest integrated solar manufacturer, with an annual capacity of 2 GW for solar cells and 4.13 GW for solar modules as of March 31, 2024.

The company’s revenue grew at a compound annual growth rate (CAGR) of 42.71% from FY21 to FY23, with a 120% increase in FY24 to ₹3,143 Crore. It reported a profit of ₹231 Crore for FY24, reversing a ₹13.3 Crore loss from the previous year.

The IPO price band is set between ₹427 to ₹450 per share, aiming to raise ₹2,830.40 crore. IPO allotment is expected to be finalized on August 30, with the listing date set for September 3 on both BSE and NSE.

Kotak Mahindra Capital, J.P. Morgan India, and ICICI Securities are the lead managers, while Kfin Technologies is the IPO registrar.