News

Published: September 3, 2024
Updated: September 3, 2024

Premier Energies Shares Shine on Debut, Listing at 120% Premium

A Stellar Start

Premier Energies, a leading solar cell and module manufacturer, made a remarkable debut on the stock exchanges, listing at a 120% premium to its initial public offering (IPO) price. The company's shares opened at ₹990 on the National Stock Exchange (NSE) and ₹991 on the Bombay Stock Exchange (BSE), marking a strong start to its journey as a publicly traded entity.

IPO Details

The ₹2,830.40 crore IPO, which was open for subscription from August 27 to August 29, received an overwhelming response, with an overall subscription of 75 times. The qualified institutional buyers (QIBs) portion was subscribed 212.42 times, while the retail category saw a subscription of 7.44 times.

Company Background

Founded in 1995, Premier Energies is a key player in the solar energy industry, specializing in the manufacturing of integrated solar cells and panels. The company operates five state-of-the-art manufacturing facilities in Hyderabad and Telangana, and offers a range of products and services, including EPC and O&M services.

Financial Performance

Premier Energies has demonstrated impressive financial growth, with a compound annual growth rate (CAGR) of 42.71% in operating revenue between FY21 and FY23. In FY24, the company's revenue skyrocketed by 120% to ₹3,143 crore, marking a significant turnaround from the previous year's loss of ₹13.3 crore.

Premier Energies' stellar debut on the stock exchanges is a testament to the company's strong fundamentals and growth potential. With its impressive financial performance and dominant position in the solar energy industry, Premier Energies is poised for a bright future. Investors who missed out on the IPO may consider adding this stock to their portfolio, given its promising prospects.