Premier Energies IPO: Premier Energies’ IPO subscribed 74.4 times, QIB demand 2nd highest ever

Premier Energies IPO: Premier Energies’ IPO subscribed 74.4 times, QIB demand 2nd highest ever

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Mumbai: Premier Energies’ ₹2,830-crore initial public offering (IPO) was subscribed 74.4 times on the final day of bidding on Thursday, attracting bids worth over ₹1.49 lakh crore. The strong demand was driven by institutional investors, who placed bids worth ₹1.2 lakh crore.

The institutional demand for Premier Energies was second only to Tata Technologies. In November last year, the ₹3,042.5-crore IPO of Tata Technologies was subscribed 69.43 times, with institutional bidding amounting to ₹1.56 lakh crore.

A total of 332.03 crore shares were bid for, compared to the 4.46 crore shares on offer. The qualified institutional bidders’ (QIBs) portion was subscribed 216.67 times, while the non-institutional investors (NIIs) or high net worth individuals part saw subscription of 50.04 times. The retail investors’ segment received bids 7.69 times.

The IPO consists of a fresh issue of equity shares aggregating up to ₹1,291 crore and an offer for sale (OFS) of up to 3.42 crore shares by the existing shareholders. The company set a price band of ₹427-450 per share.

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