Waaree Energies Ltd, a major player in the solar panel industry, wrapped up its IPO with a whopping 79.44x subscription by the close of October 23, 2024. This signals significant investor interest and excitement around the company’s future in renewable energy.
IPO Highlights 📈
- Subscription Stats:
- Retail Quota: Subscribed 11.27x
- Non-Institutional Investors (NII): Subscribed 65.25x
- Qualified Institutional Buyers (QIB): Subscribed a massive 215.03x
- Employee Quota: Subscribed 5.45x
- Grey Market Premium (GMP):
- Unlisted shares of Waaree Energies are trading at a ₹1,470 premium, indicating a 97.8% listing gain from the issue price. This is up from ₹1,375 earlier in the day, showing strong market sentiment.
- IPO Price Band: ₹1,427 to ₹1,503 per share.
- Minimum Investment: ₹13,527 for retail investors (9 shares per lot).
Key Dates ⏰
- IPO Bidding Period: October 21 – October 23, 2024.
- Share Allotment Date: Expected on October 24, 2024.
- Listing Date: Shares will list on both BSE and NSE on October 28, 2024.
Analysts’ Take 💬
- Geojit Financial Services and Anand Rathi gave the IPO a ‘subscribe’ rating for medium to long-term investments, citing Waaree Energies’ solid growth potential, strong order book, and financial performance.
- Swastika remains bullish on Waaree’s expansion plans and recommends applying for potential listing gains and long-term appreciation.
What’s Next? 🚀
The proceeds from the IPO will fund the establishment of a 6 GW solar cell, ingot wafer, and PV module manufacturing facility in Odisha. This expansion is in line with Waaree’s strategy to tap into the booming solar energy sector, bolstered by favorable government policies like China Plus One.
Stay tuned for the final share allotment results and the much-anticipated listing on October 28!