Premier Energies IPO GMP: The grey market premium (GMP) for the initial public offering (IPO) of Premier Energies continues to soar on the last day of subscription, which is today. Unlisted shares of the solar photovoltaic (PV) cell manufacturer were quoted trading at a premium of Rs 396, or 88 per cent higher than the upper end of the price band of Rs 452 in the grey market on Thursday, according to several websites that track grey market activities. However, the Premier Energies IPO GMP has remained mostly unchanged since it opened for subscription.
A positive GMP for an IPO is usually considered an indicator of strong demand and investor confidence, reflecting bullish sentiment in the unofficial market before the stock officially trades on the exchange. If the GMP trends hold, shares of Premier Energies may yield a return or potential listing gains of nearly 88 per cent post-listing.
The three-day subscription window, which opened on Tuesday, August 27, 2024, is set to conclude today. The Premier Energies IPO is available at a price band of Rs 420-427 per share, with a lot size of 33 shares. Accordingly, retail investors need to invest a minimum of Rs 14,850, which covers one lot of 33 shares.
Premier Energies IPO final subscription status
The public issue of Premier Energies has received a positive response from investors, with getting subscribed 6.61 times by the end of the second day of bidding, driven by Non-Institutional Investors (NIIs) who bid for an overwhelming 19.35 times subscription. The retail category has been subscribed around 4.37 times, while the Qualified Institutional Buyer (QIB) category recorded a 1.37 times subscription on Day 2.
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Premier Energies IPO details
Premier Energies seeks to raise Rs 2,830.40 crore from the public issue, which comprises a fresh issue of 28,697,777 equity shares and an offer for sale, with promoters and investors offloading nearly 34,200,000 shares with a face value of Re 1 each. The company aims to utilise the net proceeds from the public issue towards funding the investment in its subsidiary, Premier Energies Global Environment, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad.
KFin Technologies is the registrar for the Premier Energies IPO, while Kotak Mahindra Capital, JP Morgan India, and ICICI Securities are the book-running lead managers of the public issue.
For the Premier Energies IPO, the basis of allotment of the company’s shares is likely to take place on Friday, August 30, 2024, and accordingly, the company’s shares will be credited into demat accounts on Monday, September 2, 2024.
Premier Energies shares are scheduled to debut on the bourses—BSE, NSE—on Tuesday, September 3, 2024.
First Published: Aug 29 2024 | 10:26 AM IST
