Premier Energies rallied 7.8% to an intra-day high of Rs 1,160 after its subsidiaries won multiple orders worth Rs 560 crore.
The company’s wholly-owned subsidiaries, Premier Energies International & Premier Energies Photovoltaic, won multiple orders from two large independent power producers.
“…we hereby inform you that Premier Energies International Private Ltd. & Premier Energies Photovoltaic Private Ltd, the subsidiaries of Premier Energies Limited, have received and accepted multiple orders aggregating to Rs 560 crore from 2 large Independent Power Producer (IPP) and others. These orders include Rs 513 crore for solar modules and Rs 47 crore for solar cells. The supply of these modules is scheduled to commence from December 2024,’ said the company in an exchange filing.
Premier Energies IPO Details
Recently, the company hit the D-Street in September 2024. The company was listed at Rs 990 on NSE, a premium of 120% to the issue price. The company’s IPO was subscribed to a total of 75 times more than the offered shares. Also, the company’s stocks were fetching a premium of 108% in the grey market. It is an unofficial place where shares trade illegally ahead of listing. Premier Energies IPO price band ranged between Rs 427 to Rs 450 per equity share. It raised a sum of Rs 2,830.40 crore through a combination of fresh shares and an offer for sale. The IPO was opened to investors on August 27 and closed on August 29. The stock is up 158% from the upper price band of the IPO.
Premier Energies Vs Nifty 50
Premier Energies has given a return of 19% in the past five trading sessions. The stock of the company has risen 15% in the last one month and almost 37% since listing.
To compare, the benchmark index, Nifty 50 has fallen 1.3% in the last five days. The index has fallen 3% in the past one month and almost 5% since September 03, 2024.
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