A mixed bag for new listings: Waaree Energies up 56%, Deepak Builders dips

It was a mixed bag for new listings on Monday with shares of Waaree Energies gaining over 55 per cent while that of Deepak Builders and Engineers India plunging more than 20 per cent. The sentiment towards the primary market has taken a hit following Hyundai Motor India’s disappointing listing and the selloff in the market this month triggered by record foreign funds selling .

 

After rising as much as 73 per cent, Waaree Energies — India’s biggest solar panel maker — ended 56 per cent higher at Rs 2,341 against issue price of Rs 1,503. The stock was expected to double on debut. Waaree’s Rs 4,321 crore initial public offering (IPO) had seen 75 times more demand than sha res on offer. At last close, Waar ee was valued at Rs 67,253 crore. 

 

Waare’s IPO consisted of fresh fundraise of Rs 3,600 crore and an offer for sale of Rs 721 crore. The stock is priced at 53 times its financial year 2024 (FY24) earnings of Rs 1,274 crore. 

Meanwhile, Deepak Builders shares ended at Rs 161, down 21 per cent over its issue price of Rs 203 per share. The listing-day slump came despite the company’s Rs 260 crore IPO garnering over 40 times subscription. Experts said the fall in the markets this month has taken some zing out of the IPO market