A company that manufactures and sells solar panels to companies like NTPC and TATA Power is nearing its IPO. Premier Energies’ IPO will open for subscription on August 27. The motherboard segment IPO will be available for bidding till August 29. The solar cell and panel manufacturing company has set a price band of Rs 427 to Rs 450 per share with a face value of Re 1.
Signal found on the grey market
According to InvestorGain website, Premier Energies shares are currently trading at a grey market premium (GMP) of ₹330 per share. This means that the estimated IPO price of Premier Energies is Rs 780, which is 73.33 percent higher than the price band of Rs 450. Overall, the GMP premium predicts a strong listing in the Indian stock markets. According to InvestorGain, the lowest GMP is Rs 190, while the highest GMP is Rs 330. This means that there is a possibility of it trading at a higher premium.
These are the details of Premier Energies’ IPO
Premier Energies’ IPO is an accounted for issue with a total value of Rs 2,830.40 crore. This includes a fresh issue of 2.87 crore shares worth Rs 1,291.40 crore and an offer for sale of 3.42 crore shares worth Rs 1,539 crore.
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The price band for Premier Energies IPO has been fixed between Rs 427 and Rs 450 per share. Investors will have to apply for a minimum of 33 shares, which takes the minimum investment amount for retail investors to Rs 14,850. The allotment for Premier Energies IPO is expected to close on Friday, August 30. The IPO is expected to be listed on BSE and NSE, with the tentative listing date set for Tuesday, September 3.
Of the net offer, 50 per cent is reserved for qualified institutional buyers, 15 per cent for non-institutional investors and 35 per cent for retail investors. Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited and ICICI Securities Limited are the lead book-running managers for the IPO of Premier Energies, while Kfin Technologies Limited is acting as the registrar for the issue.
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