Premier Energies IPO: Here’s what GMP, subscription status signal ahead of listing

The Premier Energies IPO, which opened for subscription on August 27 and closed on August 29, is all set to be listed on Indian bourses in the coming week.

The IPO is scheduled to list on the BSE and NSE, with a tentative listing date set for Tuesday, September 3.

The Premier Energies IPO was oversubscribed by 74.38 times, with bids totaling 332.02 crore equity shares compared to the 4.46 crore shares offered.

According to NSE data, the retail category was subscribed 7.69 times, non-institutional investors’ share was subscribed 50.04 times, qualified institutional buyers (QIBs) portion saw a subscription rate of 216.67 times, and the employee portion was subscribed 11.43 times.

Premier Energies GMP today

Shares of Premier Energies are currently commanding a significant premium in the unlisted market. Observers note that the grey market premium (GMP) for Premier Energies’ IPO today is ₹480 per share.

This means the shares are being traded at ₹930 each in the grey market, reflecting a 106.67% premium over the issue price of ₹450 per share.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Premier Energies IPO details

The Premier Energies IPO had a price band of ₹427 to ₹450 per share. The company raised ₹2,830.40 crore through the IPO, which includes a fresh issue of 2.87 crore shares amounting to ₹1,291.40 crore and an offer for sale of 3.42 crore shares totaling ₹1,539.00 crore.

Kotak Mahindra Capital, J.P. Morgan India, and ICICI Securities are the book-running lead managers for the Premier Energies IPO, with Kfin Technologies Limited serving as the IPO registrar.

Premier Energies stands out in the integrated solar cell and module manufacturing sector, demonstrating remarkable growth and strong financial performance throughout its 29-year history. With its valuations being reasonable compared to its competitors, most analysts recommend subscribing to the issue.