• Source:JND
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Premier Energies IPO Subscription Status:  The initial public offering of solar cell and module maker Premier Energies received a subscription of 6.60 times on Wednesday, the second day of the bidding process. According to data available from the National Stock Exchange (NSE), bids were received for 29,48,45,364 shares in the initial share sale worth Rs 2,830 crore.

The share of non-institutional investors was subscribed 18.83 times, while the category for retail individual investors (RIIs) was subscribed 4.21 times. The portion earmarked for Qualified Institutional Buyers (QIBs) was subscribed 1.40 times.

On Tuesday, Premier Energies received a full subscription in its initial public offering (IPO) on the first day of bidding. The IPO offers fresh issues of up to Rs 1,291.4 crore and sale of up to 3,42,00,000 equity shares.

The offer price range has been fixed at Rs 427-450 per share. Premier Energies Ltd said on Monday that it had raised Rs 846 crore from anchor investors.

The proceeds of Rs 968.6 crore from the fresh issue will be used for the partial financing for the installation of 4 GW of solar PV topcon cells and 4 GW of solar PV topcon modules in the company's subsidiary Premier Energies Global Environment Pvt Ltd and the balance will be utilized for general corporate purposes.

Premier Energies is an integrated solar cell and solar module manufacturer with 29 years of experience and an annual installed capacity of 2 GW for solar cells and 4.13 GW for solar modules. It has five manufacturing facilities.

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Premier Energeis IPO GMP Today

The shares of Premier Energies are trading with a whopping premium of Rs 390 in the grey market. The price band of the IPO is Rs 450 and the shares are trading at Rs 840, an 86% premium. 

Premier Energies IPO Details

Bidding Dates: The IPO was opened for subscription on August 27 and will close tomorrow i.e. August 29.

Premier Energies IPO Price Band: The company has set a price band at Rs 427-450

Premier Energies Lot Size: Investors have to buy a lot of 33 shares to make a bid.

Premier Energeis IPO Size: The company is set to raise Rs 2830.40 crore.

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