Premier Energies IPO Fully Subscribed on Day 1 | 2.1 Times Subscription

New Delhi, Aug 27 (PTI) The initial public offering (IPO) of solar cell and module manufacturer Premier Energies got fully subscribed on the first day of the subscription on Tuesday.

The Rs 2,830-crore initial share-sale received bids for 9,35,61,699 shares against 4,46,40,825 shares on offer, as per NSE data.

The quota for non-institutional investors got subscribed 5.37 times while the category for retail individual investors (RIIs) fetched 1.81 times subscription.

The portion for qualified institutional buyers (QIBs) received 4 per cent subscription.

The IPO has 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 fixed at Rs 427-450 per share.

Premier Energies Ltd on Monday said it has raised Rs 846 crore from anchor investors.

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.

Kotak Mahindra Capital Company, J P Morgan India and ICICI Securities are the book-running lead managers to the offer.