Premier Energies IPO Set for September 3 Listing on BSE & NSE: Check GMP, Subscription Buzz & What to Expect

The Premier Energies IPO, which was open for subscription from August 27 to August 29, is set to list on the Indian stock exchanges next week. The IPO is expected to debut on both the BSE and NSE on Tuesday, September 3.

Oversubscription and Investor Interest

The Premier Energies IPO saw strong demand, being oversubscribed 74.38 times. Investors bid for a total of 332.02 crore equity shares, significantly higher than the 4.46 crore shares on offer. Here’s how the different categories fared:

• Retail investors: 7.69 times subscription
• Non-institutional investors: 50.04 times subscription
• Qualified institutional buyers (QIBs): 216.67 times subscription
• Employees: 11.43 times subscription

Grey Market Premium (GMP)

The shares of Premier Energies are showing a strong grey market premium (GMP) of ₹480 per share. This means the shares are being traded at ₹930 each in the grey market, reflecting a 106.67% premium over the issue price of ₹450 per share. GMP gives an early indication of how the stock might perform on its listing day.

IPO Details

The IPO was priced between ₹427 and ₹450 per share. Premier Energies raised a total of ₹2,830.40 crore through this IPO, which included:

• A fresh issue of 2.87 crore shares worth ₹1,291.40 crore.
• An offer for sale of 3.42 crore shares totaling ₹1,539.00 crore.

The IPO was managed by Kotak Mahindra Capital, J.P. Morgan India, and ICICI Securities, with Kfin Technologies Limited acting as the registrar.

Company Overview

Premier Energies is a key player in the integrated solar cell and module manufacturing sector. The company has shown impressive growth and solid financial performance over its 29-year history. Many analysts believe the company’s valuations are reasonable compared to its competitors, making this IPO a recommended buy.