Waaree Energies Make Strong IPO Debut, Listed at 70 Percent Premium
Waaree Energies' IPO has made a strong debut on the BSE and NSE, with shares listed at INR 2,550 on the BSE and INR 2,500 on NSE, marking a premium of close to 70 percent above the issue price of INR 1,503.
October 28, 2024. By Mrinmoy Dey
These prices are mostly in line with expectations. 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. At the closing of the subscription, GMP stood at INR 1,500-1,550.
The IPO created a buzz in the market with it receiving a record 97.34 lakh applications, the highest in India's primary market, with a massive oversubscription of 76.34 times. Prior to the public sale, the company had mobilised INR 1,277 crore from anchor investors.
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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