'Deeply grateful': Premier Energies chairperson thanks shareholders post 'historic' listing

Premier Energies chairperson Surendar Pal Singh Saluja appreciated the company's shareholders for the "momentous occasion" a day after the stock's bumper listing at the exchanges.

"I am filled with immense pride and deep gratitude as I write to you on this historic event of the listing of your company on the Bombay Stock Exchange and the National Stock Exchange. This milestone is a testament to your unwavering trust, support, and belief in our vision," Saluja stated in a BSE filing on Wednesday.

As we step onto this esteemed platform, we are reminded of our commitment to uphold the highest standards of safeguarding stakeholder interests and diligently work towards creating balanced shareholder value, he also said.

"To everyone who joined us for the listing ceremony, whether in person or in spirit, thank you for being part of this momentous occasion. Your presence and encouragement have been invaluable, and we are deeply grateful for the role each of you has played in making this day a reality," Saluja further said.

Yesterday, Premier Energies staged a solid market debut as the stock delivered multibagger returns on its listing day. The scrip was listed at Rs 991 on BSE, a premium of 120.22 per cent over its issue price of Rs 450 per share. Then, it continued the climb further to hit a record high of Rs 993.45.

Later that day, it cooled off from the said high level and slipped 15.48 per cent to settle at Rs 839.65 on Tuesday. Today, the stock rose 0.30 per cent to close at Rs 842.20.

Around 5.85 lakh shares changed hands on BSE today. The figure was lower than the two-week average volume of 50.30 lakh shares. Turnover on the counter came at Rs 49.58 crore, commanding a market capitalisation (m-cap) of Rs 37,964.22 crore.

The initial public offering (IPO) of Premier Energies was open between August 27 and August 29. It raised about Rs 2,830.40 crore via its primary offering, which included a fresh share sale of Rs 1,291.40 crore and an offer for sale of 3.42 crore shares.

The Rs 2,830-crore IPO received bids worth more than Rs 1.48 lakh crore. With this, it became the second company after Tata Technologies Ltd to cross Rs 1 lakh crore bidding value during the initial share sale phase. The robust demand was led by institutional investors who made bids worth Rs 1.1 lakh crore.

Incorporated in April 1995, Premier Energies manufactures integrated solar cells and solar panels. Its product portfolio includes cell, solar modules, bifacial modules, EPC solutions and O&M solutions. It has five manufacturing units, all of which are situated in Hyderabad, Telangana.