Premier Energies made a stellar debut on the stock market, with its shares listing at a remarkable 120% premium on Tuesday. The stock debuted at Rs 990 on the NSE and Rs 991 on the BSE, significantly higher than the IPO offer price of Rs 450, Indian media reported.
Before its official market debut, Premier Energies’ shares had already been trading at a premium of over 100% in the unlisted market, reflecting strong investor interest.
The company’s initial public offering (IPO) garnered an overwhelming response from investors, with the issue being oversubscribed 74 times by the close of the subscription period. This strong demand was largely driven by substantial bidding from non-institutional investors.
Premier Energies, the second-largest integrated solar cell and module manufacturer in India, exceeded market expectations with its listing. Retail investors and market analysts are keenly observing the company’s performance following its successful debut.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, commented on the listing, stating, “As expected with a strong subscription response, the listing was in line with our assumptions given the reasonable valuations before listing.”
The shares began trading on September 3 with impressive gains, opening at Rs 991—an impressive 120% above the IPO issue price of Rs 450 per share. This performance surpassed grey market estimates, where shares were trading at a premium of around 108%. The grey market operates as an unofficial platform for trading IPO shares before their official market debut.
The IPO, which raised Rs 2,830 crore through a combination of a fresh issue and an offer-for-sale, attracted significant attention. The public offer was met with substantial interest from investors, with qualified institutional buyers subscribing 216.67 times their allotted portion. Retail investors subscribed 7.33 times their allocated share, while employees subscribed 10.84 times their reserved portion. Non-institutional investors took up 49.81 times their reserved portion.
