Premier Energies’ stock continued its upward run for the fourth day in a row, jumping another 18.3% in early trading today to reach ₹1,188.90 per share.
The company’s stock made a strong debut on Indian stock exchanges on September 3, opening at a 120% premium over its IPO price of ₹450 per share. Since then, it has been on a steady rise and is now trading 164% above its IPO price.
On Thursday, Premier Energies announced a significant win—a contract from the Uttar Pradesh Department of Agriculture to supply, install, and set up 8,085 solar water pumping systems across various districts. The project, worth ₹215 crore, includes a five-year comprehensive warranty and is set to be completed by March 2025.
This project is part of the PM-KUSUM Scheme (Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan) under Component-B, which focuses on energy security for farmers and increasing India’s use of renewable energy to 40% of total capacity by 2030.
Premier Energies’ ₹2,830.40 crore IPO was open for subscription from August 27 to August 29, 2024, with a price range of ₹427 to ₹450 per share. The IPO was a massive hit, getting oversubscribed 75 times.
About Premier Energies
Premier Energies is India’s second-largest producer of solar cells and modules, with a production capacity of 2 GW for solar cells and 3.36 GW for solar modules as of March 31, 2024. It also ranks as the second-largest solar cell maker in the country in terms of capacity.
The company is involved in producing solar PV cells and modules, making custom solar panels, executing EPC (Engineering, Procurement, and Construction) projects, independent power generation, and O&M (Operations and Maintenance) services for EPC projects. It also sells other solar-related products. Premier Energies has five manufacturing facilities in Hyderabad, all on its own land.
India’s solar module market is growing rapidly, driven by government efforts and rising demand for clean energy. To seize this opportunity, Premier Energies plans to use some of its IPO funds to expand its production by adding 4 GW TOPCon solar cell and 4 GW TOPCon solar module lines.
Since 2017, India’s solar module production capacity has grown significantly, from 4.2 GW to 39.5 GW by 2023, at a CAGR of 45.3%. This capacity increased to 60 GW in 2024 and is expected to exceed 100 GW by 2028.
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