The shares of Premier Energy surged more than 8 per cent on the NSE (National Stock Exchange) after the company's subsidiary was awarded an order worth Rs 560 crore.
The stock went on to touch the day high level of Rs 1,169.00 per share on the bourses after the stock hit the opening bell at Rs 1,073.65 per share on the Indian stock exchanges.
The premiere energy shares were trading at Rs 1149.45 per share, surging about 6.86 per cent amounting to a Rs 73.80 per share on the Indian stock exchanges.
Order worth Rs 560 Crore
Two major Independent Power Producers (IPPs) and others have placed multiple orders totaling Rs 560 crore with Premier Energies International Private Ltd. and Premier Energies Photovoltaic Private Ltd, subsidiaries of Premier Energies Limited.
Among these orders are solar modules worth Rs 513 crore and solar cells worth Rs 47 crore. These modules will start to be supplied in December 2024.
Bumper IPO subscription and listing
In September 2024, the company recently debuted on the stock market. The company's NSE listing price of Rs 990 represented a 120 per cent premium over the issue price. 75 times as many investors subscribed for the company's IPO as were available shares.
The price range for each equity share in Premier Energies' IPO was Rs 427 to Rs 450. It used a combination of new shares and a sale offer to raise Rs 2,830.40 crore. August 27 marked the opening of the IPO to investors, and August 29 marked its closing. From the IPO's upper price range, the stock has increased by 158 per cent.
performance since listing
Over the last five trading sessions, Premier Energies has provided a 19 per cent return. The company's stock has increased by 15 per cent in the past month and by nearly 37 per cent since it was listed.
