Premier Energies IPO: Issue Trades At Bumper Premium In Grey Market As Investors Await Listing

The allotment for the issue was revealed on August 30, 2024 after the maiden issue received a huge interest from investors and was subscribed 74.38 times

Ahead of the listing, the shares were trading in the premium market on Monday near Rs 520 to Rs 532, marking a premium of 116 per cent over the higher range of the price band. (Image source: Shareindia)

Source : Shareindia

Premier Energies is all set to list in the stock market on September 3, 2024. Investors are eagerly awaiting the share market debut of the company, scheduled for Tuesday, after the public issue closed for subscription on August 29, 2024.

The allotment for the issue was revealed on August 30, 2024 after the maiden issue received a huge interest from investors. The issue was subscribed 74.38 times, with qualified institutional buyers (QIBs) bidding for the offer 216.67 times, reported Business Standard.

After QIBs, non-institutional investors (NIIs) expressed their interest in the issue and subscribed 50.04 times, while retail investors bid 7.69 times for the issue. The public issue was priced in the range of Rs 427 to Rs 450. 

Ahead of the listing, the shares were trading in the premium market on Monday near Rs 520 to Rs 532, marking a premium of 116 per cent over the higher range of the price band. The grey market represents an unofficial parallel markets where investors trade for shares or applications before they are officially launched for trading on the stock exchange. A high premium in the grey market indicates a positive debut for the company’s shares in the stock market.

Kotak Mahindra Capital, ICICI Securities, and J P Morgan India served as the book-running lead managers for the maiden issue, while Kfin Technologies Limited acted as the IPO registrar.

Recently, the Indian stock market has been seeing a boom in the IPO segment. Other major offers lined up in the year include a stock market debut for the online food and grocery delivery firm, Swiggy. The Gurgaon-based company is aiming to list publicly and raise $1 billion to $1.2 billion via the issue. The firm is targeting a valuation of $15 billion, in what could prove to be the largest IPOs seen in India in the year.