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New Delhi: Premium Energies, which manufactures solar cells and solar panels, has had a blockbuster listing in the stock market. Its shares were issued at a price of Rs 450, but were listed at Rs 990. IPO investors of Premium Energies, which provides services to giants like NTPC and Tata Group, got a listing gain of 120 percent (Premier Energies Listing Gain).
However, investors in the blockbuster listing resorted to heavy profit booking. This led to a drop of over 25 per cent in the shares of Premier Energies. It was trading at Rs 872 by around 12 noon. IPO investors are still in listing gains of 93 per cent. Employees of Premium Energies are in for more profits as they got the IPO at a discount of Rs 22.
Current Status of Premier Energies IPO
Premier Energies' Rs 2,830.40 crore IPO was open for subscription from 27-29 August. It was subscribed 75.00 times overall. New shares worth Rs 1,291.40 crore have been issued under the IPO. Also, 3.42 crore shares with a face value of Rs 1 have been sold through the offer for sale window. The company will use the money raised through new shares to invest in subsidiary Premier Energies Global Environment Private Limited. The subsidiary will set up a manufacturing facility with this money. At the same time, the money from the offer for sale will be given to the shareholders selling the shares.
What does Premier Energies do?
Premium Energies was founded in 1995. It manufactures integrated solar cells and solar panels. Its product portfolio includes cells, solar modules, monofacial modules, bifacial modules, EPC solutions and O&M solutions. The company has five manufacturing units, all located in Hyderabad. Its client list includes companies like NTPC, Tata Power Solar Systems, Luminous and Shakti Pumps. The company also exports its products to countries like the US, Hong Kong, South Africa, Norway, France, Malaysia, Canada and China.
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