Investor demand for Premier Energies Ltd.'s initial public offering (IPO) of integrated solar cells and solar panels has been high, as evidenced by subscription status data. The subscription period for Premier Energies IPO began on August 27 and will end today.
Subscription data
The IPO for Premier Energies has received 51.99 subscriptions as of Thursday, the final day of the bidding process. According to data available on the NSE until 14:55 pm, the issue received bids for 229.28 crore equity shares against 4.46 crore shares on offer.
The retail category experienced a 6.66 times subscription, whereas the quota for non-institutional investors saw a 47.80 times subscription. The employee portion has only received 10.07 subscriptions thus far, while the qualified institutional buyers (QIBs) portion has received 135.22 subscriptions.
Subscription timetable
Tuesday, August 27, marked the start of the Premier Energies IPO subscription period, which ends today, August 29. September 3 is the IPO listing date, and August 30 is when the IPO allotment is anticipated to be finalised. The shares of Premier Energies will be listed on the BSE and NSE.
Price band and issue size
The price range for Premier Energies' IPO is Rs 427 to Rs 450 per share. Through the IPO, which consists of a new issue of 2.87 crore shares valued at Rs 1,291.40 crore and an offer for sale of 3.42 crore shares totalling Rs 1,539.00 crore, the company hopes to raise Rs 2,830.40 crore.
IPO proceeds utilisation
Proceeds from the new issue up to Rs 968.6 crore will be given to Premier Energies Global Environment Private Limited, a subsidiary, for general corporate purposes and as a partial funding source for the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Telangana.
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