India's Premier Energies more than doubles in debut trade

Premier Energies

03/09/2024 06:39

** Shares of Premier Energies  PEME.NS  jump as much as 121%
to 994.55 rupees in debut trade
    ** Solar modules maker opened at 990 rupees, more than
double its IPO issue price of 450 rupees, valuing the company at
446.27 billion rupees ($5.32 billion)
    ** PEME's IPO included issue of fresh shares worth 12.91
billion rupees; issue oversubscribed by 74 times, per exchange
data 
    ** Co says it will use IPO proceeds to set up a solar module
factory in Hyderabad city
 
($1 = 83.9410 Indian rupees)

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))