Premier Energies IPO, which opened for subscription on Tuesday, August 27, was booked 74.09 times on the last day of bidding on Thursday, August 29. The issue price band was set in the range of â‚ą427 to â‚ą450 per equity share, having a face value of â‚ą1. Anchor investors infused â‚ą846 crore into the company.
The initial public offering (IPO) comprises a fresh issuance of equity shares totalling up to â‚ą1,291.4 crore and an Offer for Sale (OFS) of a maximum of 3.42 crore shares by the existing shareholders, which amounts to approximately â‚ą1,539 crore based on the upper band price of â‚ą450.
As part of the offer-for-sale component, South Asia Growth Fund II Holdings LLC (SAGF II) will sell 2.68 crore equity shares, South Asia EBT Trust will divest 1,72,800 equity shares, and promoter Chiranjeev Singh Saluja will offload 72,00,000 equity shares.
Founded in April 1995, Premier Energies Limited specialises in the production of integrated solar cell and solar panels. Its range of offerings includes solar cell, solar module, monofacial and bifacial modules, as well as EPC and O&M solutions. The company operates five manufacturing facilities, all located in Hyderabad, Telangana, India.
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Premier Energies Share Price Live: Advice to book profits if the listing gains exceeds expectations, says market expertÂ
“Considering all the parameters like subscription demand, market sentiments and sectorial importance, we can expect a healthy robust listing gain more than ~60-70% or even above against the issue price of â‚ą450 per share. Post listing on valuation front it can move from reasonable valued to stretched valuations which would be reason for profit booking attempts at high levels,” said Prashanth Tapse, Research Analyst, Senior Vice President of Research at Mehta Equities.
Premier Energies Share Price Live: Here’s what Premier Energies IPO GMP today hints ahead of listingÂ
Premier Energies IPO grey market price is +487. This indicates Premier Energies share price were trading at a premium of â‚ą487 in the grey market, according to investorgain.com.
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Premier Energies share price was indicated at â‚ą937 apiece, which is 108.22% higher than the IPO price of â‚ą450.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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