he share price of Premier Energies more than doubled on debut on the Bombay Stock Exchange on Tuesday. UAE sovereign fund Abu Dhabi Investment Authority (ADIA) is an anchor investor in the company.

The shares listed at INR 991 ($11.81), surged 120% over the IPO issue price of Rs 450 per share.

The INR 28.30-billion ($337 million) IPO was oversubscribed 74 times.

The Indian manufacturer of integrated solar cells and panels raised 8.46 billion rupees ($100.8 million) ahead of its flotation, with ADIA Stable being one of its lead investors, picking up a 4.5% stake for INR 379.5 million.

ADIA’s investment accounted for 843,282 shares in Premier Energies at INR 450 per share.

Other lead investors with a similar stake to ADIA include the Nomura Funds Ireland – India Equity Fund and the Government Pension Fund Global.

(Editing by Seban Scaria seban.scaria@lseg.com)