Premier Energies rises 87% in debut trading

New Delhi: Shares of solar cell and module manufacturer Premier Energies Ltd on Tuesday ended with a sharp premium of nearly 87 per cent against the issue price of Rs450. The stock made its debut at Rs991, surging 120.22 per cent from the issue price on the BSE. During the day, it soared 120.76 per cent to Rs993.45. Shares of the firm ended at Rs839.65, a surge of 86.58 per cent. On the NSE, shares of the firm listed at Rs990, a jump of 120 per cent. The stock ended at Rs838.90, up 86.42 per cent.

The company’s market valuation stood at Rs37,849.27 crore. In traded volume terms, 50.30 lakh shares of the firm were traded at the BSE and 589.22 lakh shares at the NSE during the day. The initial public offer of Premier Energies got subscribed 74.09 times on the last day of subscription on Thursday. The Rs2,830 crore initial share sale had a fresh issue of up to Rs1,291.4 crore and an offer-for-sale of up to 3,42,00,000 equity shares. The price range for the offer Rs427-450 per share.