Premiere energy shares jumped almost 4 per cent on NSE (National Stock Exchange), after two major independent power producers (IPPs) and another customer have placed multiple orders totaling Rs 1,087 crore with Premier Energies Global Environment, Premier Energies International, and Premier Energies Photovoltaic, according to company's exchange filling.

The share of premier energies went on to touch the day high level of Rs 1,137.00 per share on the NSE (National Stock Exchange), after ringing the opening bell at Rs 1,129.00 per share on the Indian Exchanges.

Premiere Energy shares were trading around Rs 1,122.95 per share on the Indian bourses, with surge of 2.47 per cent, amounting to Rs 27.05 per share on NSE (National Stock Exchange).

Rs 1,087 crore order details

These orders include Rs 964 crore for solar modules and Rs 123 crore for solar cells. The supply of these modules is scheduled to commence in January 2025.

Premiere energy IPO

On September 3, Premier Energies' stock had a successful debut on the stock exchanges. On the BSE, the company's shares were listed at Rs 991, which was 120.22 per cent more than the upper limit of its issue price of Rs 450. The shares of Premier Energies opened at Rs 990 on the NSE, representing a 120 per cent premium.

IPO proceeding utlisation

According to the company's RHP, Rs 968.6 crore from the new issue would be used to invest in Premier Energies Global Environment Pvt Ltd, a subsidiary, in order to partially finance the construction of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The remaining funds would be used for general corporate purposes.

Company profile

Premier Energies produces both solar PV cells and solar modules, including specially designed modules for particular uses.