Waaree Energies shares post stellar debut: List at 70% premium to IPO Price

Waaree Energies IPO listing today: Shares of leading renewable energy player, Waaree Energies, made a bumper debut on the bourses on Monday. Waaree Energies shares listed at Rs 2,550 on the BSE, reflecting a premium of 69.66 per cent against the IPO allotment price of Rs 1,503.

 

Similarly, on the NSE, Waaree Energies shares listed at a premium of 66.33 per cent against the IPO allotment price at Rs 2500.

 

Ahead of their market debut, the unlisted shares of Waaree Energies were trading at a premium of Rs 1,275, translating to a grey market premium (GMP) of 84.83 per cent against the IPO allotment price of Rs 1,503, indicating a solid market debut for the company's shares, revealed sources tracking grey market activities. 

Shivani Nyati, Head of Wealth at Swastika Investmart, stated, "This strong listing reflects investor confidence in the company's growth potential and financial stability. The company has a strong focus on growth and expansion, demonstrating remarkable financial growth."

 

Nyati further said, "Investors may consider booking partial profits here. For those holding long-term, a stop-loss of Rs 2,000 is advisable."

   

The public offering of Waaree Energies comprises a fresh issue of 23,952,095 shares, and an offer for sale of 4,800,000 shares with a face value of Rs 10 apiece. The company had fixed the price band at Rs 1,865-1,960 with a lot size of 7 shares. 

 

Waaree Energies IPO ended for subscription on Wednesday, October 23, 2024, garnering unprecedented demand from investors, with bids for 1,609,170,633 shares against 21,079,384 shares offered, thus getting oversubscribed 76.34 times by the last date of subscription. This was led by Qualified Institutional Buyers (QIBs), who placed bids 208.63 times the allocated shares, followed by Non-Institutional Investors (NIIs) at 62.49 times, and retail investors at 10.79 times by the last day of subscription, showed BSE data.

 

Waaree Energies will utilise the net proceeds from the fresh issue to partly finance the cost of establishing a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha, India, by investing in its wholly-owned subsidiary, Sangam Solar One. The remaining amount will be used for general corporate purposes.

 

Waaree Energies is a solar energy company based in India. The company manufactures solar PV modules and provides solar power systems and renewable energy solutions. Waaree Energies has a production capacity of over 2 GW and exports its products to 68 countries. The company's product portfolio includes solar modules, solar water pumps, and solar rooftop solutions. Waaree Energies also focuses on research and development to enhance solar technologies.