Premier Energies IPO: Latest GMP suggests blockbuster listing on Tuesday
Premier Energies, a leading solar panel manufacturer, is set to make its stock market debut on Tuesday, September 3. Going by the current gray market premium (GMP) for the company's IPO, the listing is set to double investor wealth. At the time of writing, Premier Energies GMP was ₹532, suggesting that the stock will list at around ₹982 — a premium of 118% over the IPO price of ₹450 per share.
Premier Energies IPO: A closer look at subscription details
The Premier Energies IPO attracted bids for 3,30,51,69,813 shares against the 4,41,06,533 shares on offer. The retail quota saw a subscription of over seven times while non-institutional investors' category was subscribed nearly 51 times. The qualified institutional buyers (QIB) category received an impressive subscription of over 212 times on the first day of bidding itself. On the final day of bidding, the IPO received an overwhelming response with a subscription rate of nearly 75 times.
Premier Energies IPO: Breakdown and use of proceeds
The Premier Energies IPO comprised a fresh issue of up to ₹1,291.4 crore and an offer-for-sale (OFS) of up to 3,42,00,000 equity shares. The company plans to allocate the proceeds from the fresh issue amounting to ₹968.6 crore for investment in its subsidiary, Premier Energies Global Environment Pvt Ltd. This will partially finance the establishment of a solar PV TOPCon cell and module manufacturing facility in Hyderabad.
Premier Energies IPO: How to check allotment status
Investors can check their allotment status on the official BSE website or through the registrar's portal, KFin Technologies. They need to select 'Equity' under 'Issue Type' and 'Premier Energies Ltd' under 'Issue Name.' After entering their application number or PAN, they can view their share application status. This information is crucial for investors as it determines their participation in the upcoming listing event.
