Premier Energies made a stellar entrance into the stock market today, listing its shares at ₹990 on the NSE, which is a whopping 120% higher than its IPO price of ₹450. On the BSE, shares debuted even slightly higher at ₹991. So, what’s the story behind this successful listing? The Premier Energies IPO, which took place from August 27 to August 29, this year, was a massive hit. The company raised over ₹2,800 crore and the initial pricing was between ₹427 and ₹450 per share. Before the IPO, Premier Energies had already sparked strong interest, raising ₹846 crore from anchor investors. The IPO was hugely oversubscribed, with bids coming in 75 times the number of shares on offer. Retail investors showed great enthusiasm, with their portion subscribed 7.44 times. Non-institutional investors and qualified institutional buyers were even more eager, subscribing over 50 times and over 212 times respectively. Employees also got a piece of the pie, with their portion oversubscribed 11.32 times. Premier energies closed at ₹839.90 which is up 86.64% from the issue price of ₹450 today. So here’s a quick breakdown of the IPO - Premier Energies issued 2.87 crore new shares, raising over ₹1,200 crore, and included an offer for sale of 3.42 crore shares, totaling ₹1,539 crore. Notably, South Asia Growth Fund II Holdings LLC sold 2.68 crore shares and the company’s promoter, Chiranjeev Singh Saluja, offloaded 72 lakh shares. After the IPO, promoters retain a significant 72.23% stake in the company, with the public holding 26.12% and employees 1.65%. Now, let’s talk about the company itself. Premier Energies, founded in April 1995, is a major player in solar energy. They’re known for their high-quality solar cells and modules and have five advanced manufacturing facilities in Hyderabad and Telangana. Their growth has been impressive, with a 42.71% compound annual growth rate in operating revenue from FY21 to FY23. FY24 was a game-changer, with revenue soaring by 120% to ₹3,143 crore, and a turnaround profit of ₹231 crore compared to last year’s loss. So, there you have it...Premier Energies is off to an incredible start, and it looks like their future is shining bright!
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