Premier Energies' ₹2,830 cr IPO closes with bids worth ₹1.49 lakh cr

The ₹2,830.40 crore initial public offering (IPO) of solar module manufacturer Premier Energies has received an overwhelming response from investors. The three-day IPO of the Hyderabad-based company closed with an overall subscription of 75 times, receiving total bids worth around ₹1.49 lakh crore. With this, Premier Energies become the second company after Tata Technologies (₹1.56 lakh crore) to cross ₹1 lakh crore bidding value in an public issue.  

As per the exchange data, the portion reserved for qualified institutional bidders (QIB) was subscribed 212.42 times. Meanwhile, the quota for non institutional investors (NII) was booked 50.98 times, while the portion set aside for retail investors received 7.44 times bids. The category kept for employees was booked 11.32 times. The company had reserved half of the issue for  QIB, up to 15% for NII, and the remaining 35% for retail investors, including employees.

The Telangana-based company received bids for 3,30,78,94,920 equity shares, or 75 times, compared to the 4,46,40,825 equity shares offered at a price band of ₹427-450 per share. The lot size was 33 shares and in multiples thereafter.  

The IPO was a combination of fresh issue of 2.87 crore equity shares worth ₹1,291.40 crore and offer for sale of 3.42 crore shares worth ₹1,539 crore by existing shareholders. The market capitalisation of Premier Energies is pegged at ₹20,284.33 crore.