Premier Energies' shares make remarkable market debut; jump nearly 87%

New Delhi: Shares of solar cell and module manufacturer Premier Energies Ltd on Tuesday ended with a sharp premium of nearly 87 per cent against the issue price of Rs 450.

The stock made its debut at Rs 991, surging 120.22 per cent from the issue price on the BSE. During the day, it soared 120.76 per cent to Rs 993.45. Shares of the firm ended at Rs 839.65, a surge of 86.58 per cent.

On the NSE, shares of the firm were listed at Rs 990, a jump of 120 per cent. The stock ended at Rs 838.90, up 86.42 per cent.

The company's market valuation stood at Rs 37,849.27 crore.

In traded volume terms, 50.30 lakh shares of the firm were traded at the BSE and 589.22 lakh shares at the NSE during the day.

The initial public offer of Premier Energies was subscribed 74.09 times on the last day of subscription on Thursday.

The Rs 2,830 crore initial share sale had a fresh issue of up to Rs 1,291.4 crore and an offer-for-sale of up to 3,42,00,000 equity shares.

The price range for the offer is Rs 427-450 per share.

Proceeds from the fresh issue to the tune of Rs 968.6 crore will be allocated for investment in the company's subsidiary, Premier Energies Global Environment Pvt Ltd, for part-financing the establishment of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, and the remaining funds will be used towards 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.