Premier Energies IPO oversubscribed 6.47x on day two

28 Aug 2024 , 04:42 PM

Following a successful first day, Premier Energies’ initial public offering (IPO) was subscribed to 6.47 times on the second day of the bidding process, owing to significant demand from retail and non-institutional investors.

The issue became available for subscription on August 27 and will conclude on August 29.

As of 4:30 p.m., non-institutional investors (NIIs) had subscribed 18.36 times. Retail investors subscribed nearly 4.16 times, while qualified institutional purchasers subscribed by 1.39 times.

The IPO consists of a new issue of equity shares worth up to Rs 1291 crore and an Offer for Sale (OFS) of up to 3.42 crore shares by selling shareholders.

Under the offer-for-sale component, South Asia Growth Fund II Holdings LLC would divest 2.68 crore equity shares, South Asia EBT Trust will divest 1,72,600 equity shares, and promoter Chiranjeev Singh Saluja will sell 72,000,000 equity shares.

Approximately half of the offer is allocated for QIB investors, 35% for retail investors, and the remaining 15% for non-institutional investors.

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