Premier Energies IPO Over-Subscribed: 6.60 Times on Day 2

New Delhi, Aug 28 (PTI) The initial public offer of solar cell and module manufacturer Premier Energies received 6.60 times subscription on Wednesday, the day two of bidding.

The Rs 2,830-crore initial share sale got bids for 29,48,45,364 shares against 4,46,40,825 shares on offer, according to data available with the NSE.

The non-institutional investors part fetched 18.83 times subscription while the category for Retail Individual Investors (RIIs) received 4.21 times subscription. The portion meant for Qualified Institutional Buyers (QIBs) got subscribed 1.40 times.

The initial public offering (IPO) of Premier Energies got fully subscribed on the first day of the subscription on Tuesday.

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.