Waaree Energies IPO Sees Record Applications, 76x Subscription
Waaree Energies has set a record with its IPO receiving 97.34 lakh applications, the highest in India's primary market, with a massive oversubscription of 76.34 times. The IPO is expected to be listed on the BSE and NSE on October 24, 2024.
October 24, 2024. By Mrinmoy Dey
Waaree Energies' INR 4,321.44 crore IPO offered 2.10 crore shares, but has received bids for 160 crore shares, underscoring strong investor interest. Institutional investors led the charge, with subscriptions in this category reaching 208 times, while non-institutional investors subscribed 62 times over. The retail subscription was about 10 times the offering.
Prior to the public sale, the company had mobilised INR 1,277 crore from anchor investors.
The IPO is being managed by Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.
Allotment of shares for the IPO is expected to be done on October 24, 2024. The IPO is expected to be listed on the BSE and NSE on October 28, 2024.
The IPO price band was set at INR 1,427 to INR 1,503 per share, and strong interest was reflected in the grey market, where shares initially commanded a premium (GMP) of INR 1,500–1,510, suggesting potential gains of over 100 percent. Although the GMP later adjusted to INR 1,370–1,375, investors still anticipate listing gains of over 90 percent.
The funds raised from this IPO will be used to set up a 6 GW manufacturing facility for solar ingots, wafers, cells, and PV modules in Odisha and for general corporate purposes.
With a current installed capacity of 12 GW as of June 2023, Waaree Energies operates five manufacturing facilities across Surat, Tumb, Nandigram, Chikhli in Gujarat, and the IndoSolar Facility in Noida, Uttar Pradesh. Further, the company is also expanding internationally with a 3 GW facility in the US.
please contact: contact@energetica-india.net.
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