The company’s shares had surged another 5% in the intraday session, reaching a new all-time high of Rs 1,264.90 on BSE. However, amid some profit booking, the stock dropped 5% at Rs 1,145.70 around 1:30 pm.
The surge continues as the company, earlier in the last week, announced receiving a Rs 215 crore order from the Uttar Pradesh Department of Agriculture for the supply of 8,085 solar water pumping systems across various districts in the state and is scheduled for completion by March 2025.
Investor sentiment may have also been boosted by expectations that Premier Energies will benefit from the Ministry of New and Renewable Energy’s (MNRE) draft norms for an Approved List of Models and Manufacturers (ALMM) for solar cells. These guidelines, released over the weekend, are set to take effect in April 2026, offering potential long-term benefits to the company.
Also read: SBI Life, HDFC Life shares trade 3% lower as GST cut on insurance premiums postponed
The company produces integrated solar cells and panels, offering a product range that includes cells, solar modules, monofacial and bifacial modules, as well as EPC (Engineering, Procurement, and Construction) and O&M (Operations and Maintenance) solutions.Premier Energies’ promising growth prospects have attracted significant attention from institutional investors. High-profile names like Blackrock, Nomura, Abu Dhabi Investment Authority, DSP India, Morgan Stanley, HDFC Mutual Fund, ICICI Mutual Fund, and PNB Paribas all participated in the company’s IPO anchor book, further fueling its post-listing rally.The IPO of Premier Energies received a robust response from investors, with a subscription rate of 74 times at close, driven by substantial bidding from non-institutional investors.
This exceptional listing performance aligned with the pre-listing hype, fueled by the company’s strong fundamentals, robust investor response, and favorable market conditions.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)