 |
|
Premier Energies, a manufacturer of solar cells and modules, experienced a tumultuous debut on the stock exchange, ending the day with a 15% decline from its listing price despite initially doubling the initial public offering (IPO) investors' money. The stock closed at Rs 838.3 per share on the Bombay Stock Exchange (BSE).
The company's shares opened with a significant 120% premium over the issue price of Rs 450, reaching Rs 991 apiece on the BSE. However, this initial surge was short-lived, as the stock retreated throughout the day, culminating in the closing price. Despite the decline, the company's market valuation stood at a substantial Rs 37,849.27 crore according to BSE data.
The initial share sale, which raised Rs 2,830 crore, witnessed an overwhelming response from investors. The subscription period concluded on Thursday with a remarkable 74.09 times oversubscription. This included 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.
Premier Energies plans to utilize the funds raised from the fresh issue for various strategic endeavors. A significant portion will be allocated towards the company's subsidiary, Premier Energies Global Environment Pvt Ltd, for the partial financing of a new 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The remaining funds will be directed towards general corporate purposes.
Source: Premier Energies share price ends 15% lower from listing price after doubling IPO money