Waaree Energies IPO subscribed 3.3x on day 1; Groww FY24 topline doubles

Solar firm Waaree Energies’ initial public offering (IPO) was subscribed 3.3 times on Monday, the opening day of the issue. The retail and high net worth individual portions of the IPO are already subscribed 3.2 times and 8 times, respectively. Waaree’s IPO comprises a fresh fundraise of Rs 3,600 crore and an offer for sale of Rs 721 crore. The stock is priced at 33x its FY24 earnings of Rs 1,274 crore. At the top end of the price band of Rs 1,503, Waaree will be valued at almost Rs 43,200 crore.

Afcons’ Rs 5,430-cr IPO to open on October 25

The Rs 5,430-crore IPO of Afcons Infrastructure, a Shapoorji Pallonji group firm, will open for subscription on Friday. The IPO comprises a Rs 4,180 crore offer for sale and a Rs 1,250 crore fresh fundraise. Initially, Afcons had planned a Rs 7,000 crore IPO but reduced the size as it raised nearly Rs 3,000 crore via a pre-IPO placement. The price band for Afcons’ IPO is Rs 440-463 per share. At the top end, the engineering and construction company will be valued at over Rs 17,000 crore.

Groww FY24 topline doubles

Groww, the country’s biggest brokerage in terms of the number of clients, said its revenues jumped 2.2 times to Rs 1,435 crore during financial year 2023-24 (FY24). The company, however, reported a net loss of Rs 805 crore on account of a one-time tax outgo of Rs 1,340 crore due to domicile movement to India. The Bengaluru-based company reported operational profitability of Rs 535 crore, up from Rs 458 crore in FY23. Recently, Groww became the first stock broker to cross 10 million active clients.