Waaree Energies IPO: Check Allotment Status, GMP And Listing Date

Waaree Energies IPO: The IPO was open for bidding from October 21 to October 23, with shares offered at a fixed price band of Rs 1,427-Rs 1,503 per share

Waaree Energies IPO: Mumbai-based solar energy company Waaree Energies is set to finalise the allotment of shares for its initial public offering (IPO) on Thursday, October 24. Investors who participated in the IPO will receive notifications via messages, alerts, or emails regarding the debit of funds or the revocation of their IPO mandates by Friday, October 25. The IPO saw a strong response, reflecting investor confidence in the company.

The IPO was open for bidding from October 21 to October 23, with shares offered at a fixed price band of Rs 1,427-Rs 1,503 per share. The lot size was nine shares. Waaree Energies successfully raised Rs 4,321.44 crore through the IPO, which included a fresh issue of Rs 3,600 crore and an offer for sale (OFS) of up to 48 lakh equity shares.

The IPO was highly subscribed, with an overall subscription rate of 76.34 times. Qualified Institutional Buyers (QIBs) showed immense interest, with their portion subscribed 208.63 times. Non-institutional investors (NIIs) booked 62.49 times, while retail investors and employees saw their portions subscribed 10.79 times and 5.17 times, respectively.

Waaree Energies has also gained traction in the grey market, with its shares commanding a premium of Rs 1,550-Rs 1,570. This suggests potential returns of over 105% for investors, positioning the company as a potential multibagger.

Incorporated in December 1990, Waaree Energies is a leading Indian manufacturer of solar photovoltaic (PV) modules with a total installed capacity of 12 GW. The company’s product line includes multicrystalline, monocrystalline, and TopCon solar PV modules.

The proceeds from the fresh issue will primarily be used for the development of a 6 GW Ingot Wafer, Solar Cell, and Solar PV module manufacturing facility in Odisha. A portion of the funds will also be allocated for general corporate purposes.

Post-IPO, Waaree Energies' market valuation is estimated to exceed Rs 4,300 crore at the upper end of the price band.