Premier Energies' Stock Soars Nearly 87% on Market Debut

Shares of Premier Energies Ltd ended with a nearly 87% premium against the issue price of Rs 450 on Tuesday. The stock debuted at Rs 991 on the BSE, surged to Rs 993.45, and closed at Rs 839.65. The company's market valuation stood at Rs 37,849.27 crore. The IPO was subscribed 74.09 times.

Shares of Premier Energies Ltd, a solar cell and module manufacturer, closed with a robust premium of nearly 87% against the issue price of Rs 450 on Tuesday.

The stock made an impressive debut at Rs 991 on the BSE, soaring 120.22% above the issue price. It peaked at Rs 993.45 during the day and settled at Rs 839.65, marking an 86.58% surge. On the NSE, the stock listed at Rs 990—120% premium—and closed at Rs 838.90, up 86.42%.

The company's market capitalisation was Rs 37,849.27 crore. The firm's IPO, valued at Rs 2,830 crore, saw 50.30 lakh shares traded on the BSE and 589.22 lakh on the NSE. Part of the proceeds will fund a 4 GW manufacturing facility in Hyderabad, while the rest will serve general corporate purposes.

(With inputs from agencies.)