Premier Energies' shares make remarkable market debut; jump over 120%

New Delhi: Shares of solar cell and module manufacturer Premier Energies Ltd on Tuesday listed with a sharp premium of over 120 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. It later soared 120.76 per cent to Rs 993.45.

At the NSE, shares of the firm listed at Rs 990, a jump of 120 per cent.

The company's market valuation stood at Rs 39,291.75 crore.

The initial public offer of Premier Energies got 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 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.