Premiere Energy IPO Day 2: Issue Subscribed 5 Times; Retail Portion Subscribed 3 Fold

Investor response to Premier Energies' initial public offering (IPO) has been positive; on Wednesday, the second day of subscription, the issue was subscribed 3.05 times.

The data shows that investors bid 23,31,07,017 equity shares, or 5.22 times, more than the 4,46,40,825 equity shares that were made available for subscription by Wednesday, August 28 at 2:45 p.m. On Thursday, August 29, the issue's three-day bidding period will come to an end.

Retail portion in IPO

The portion designated for retail investors saw a subscription of 3.62 times, whereas the allocation for non-institutional investors (NIIs) saw a subscription of 14.50 times.

There were 5.78 bookings for the employee portion. Nonetheless, as of the same time, 92 per cent of the quota reserved for qualified institutional bidders (QIBs) had been subscribed.

Issue size

A new issue of shares valued at Rs 1,291.4 crore and an offer for sale (OFS) of 3.42 crore shares are part of the initial public offer, which has a price range of Rs 427 to Rs 450 per share. The period of time for the public offer is August 27–29.

IPO proceeds utilisation

The fresh issue proceeds up to Rs 968.6 crore will be allocated to a subsidiary, Premier Energies Global Environment Private Limited, for part-financing the set-up of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Telangana and for general corporate purposes.

Company's portfolio

With an annual installed capacity of 2 gigawatts (GW) for solar cells and 4.13 GW for solar modules, Premier Energies is an integrated manufacturer of solar cells and modules. There are five production sites for it.

Panasonic, TATA Power Solar Systems, Luminous, First Energy, Hartek, Madhav Infra Projects, Green Infra Wind Energy, SolarSquare Energy, Axitec, and Continuum are among its clients.