Introduction
The Indian market is abuzz with the upcoming IPO of Premier Energies, a company engaged in the manufacturing and selling of solar panels—catering to major players like NTPC and TATA Power. This IPO is set to be open for subscription from August 27, 2023, and will remain available for bidding until August 29, 2023. Premier Energies has specified a price band of ₹427 to ₹450 per share with a face value of ₹1.
Strong Signals from the Grey Market
As per data from Investor Gain, shares of Premier Energies are currently trading at a premium of ₹330 in the grey market. This indicates a potential listing estimate of ₹780, which represents a remarkable 73.33% increase over the upper end of the price band. Typically, such significant grey market premiums forecast strong stock listings in the Indian stock market. The grey market has recorded a minimum premium of ₹190 and a maximum of ₹330, suggesting a higher probability of a robust listing.
Details of Premier Energies IPO
This IPO is a book-built issue with a total size of ₹2,830.40 crores. It includes a new issue of 2.87 crore shares valued at ₹1,291.40 crores, along with a proposal to sell 3.42 crore existing shares worth ₹1,539 crores. Below are the essential details of the IPO:
| Details | Information |
|---|---|
| IPO Open Date | August 27, 2023 |
| IPO Close Date | August 29, 2023 |
| Price Band | ₹427 – ₹450 |
| Minimum Application Size | 33 Shares (₹14,850) |
| Allocation Date | August 30, 2023 |
| Listing Expected On | September 3, 2023 |
Investor Allocation Breakdown
The net offer comprises an allocation of 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% specifically reserved for retail investors. Such a structured allocation ensures that diverse categories of investors can participate in this promising IPO.
Managing and Registrars
Pearl Energies’ IPO is being managed by prominent book-running lead managers including Kotak Mahindra Capital Company Limited, JP Morgan India Private Limited, and ICICI Securities Limited. KFin Technologies Limited is serving as the registrar for this IPO, ensuring streamlined processing of applications and allocation.
Conclusion
With a substantial grey market premium and a comprehensive allocation strategy, the Premier Energies IPO is generating significant interest among investors. As the market transitions towards sustainable energy solutions, this IPO could represent a valuable opportunity for investors looking to stake their claim in a thriving sector. Make sure to keep an eye on this IPO as it approaches its subscription dates!
