The initial public offer of solar cell and module manufacturer Premier Energies got subscribed 74.09 times on the last day of subscription on Thursday.

The ₹2,830 crore initial share sale received bids for 3,30,76,25,013 shares against 4,46,40,825 shares on offer, according to an update with the NSE.

The portion for Qualified Institutional Buyers (QIBs) attracted a whopping 216.67 times subscription while the quota for non-institutional investors got subscribed 49.76 times. The Retail Individual Investors (RIIs) part received 7.25 times subscription.

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 ₹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 ₹427-450 per share.

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

Proceeds from the fresh issue to the tune of ₹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.

Related Topics