Key Points
- Waaree Energies IPO drew significant interest from big investors.
- The subscription period was from October 21 to October 23, 2024.
- Shares will debut on October 28, 2024.
- Current grey market premium is Rs 1,300.
- Estimated listing price could hit Rs 2,803.
- Total IPO size is Rs 4,321.44 crore.
Looma News
Waaree Energies, an important player in India’s solar energy market, is gearing up for a notable stock market debut. The company focuses on making solar panels, with an installed capacity of 12 GW as of June 30, 2023.
The initial public offering (IPO) was open for subscription from October 21 to October 23, 2024, with allotment finalized on October 25. The IPO price range is Rs 1,427 to Rs 1,503 per share.
Investors are feeling positive ahead of the company’s share listing on October 28, 2024, with a solid grey market premium (GMP) suggesting potential gains. Currently, the GMP is Rs 1,300, indicating an estimated listing price of Rs 2,803, which suggests a possible gain of 86.49% per share.
IPO Details
The IPO includes a new issue of equity shares worth Rs 3,600 crore and an Offer for Sale (OFS) of 48 lakh equity shares valued at Rs 721.44 crore at the upper price band. This brings the total IPO size to Rs 4,321.44 crore.
Funds from the new issue will be used to build a 6 GW manufacturing facility for solar components in Odisha and for general corporate purposes. After the IPO, the company’s market valuation is expected to be over Rs 4,300 crore.
Waaree Energies runs five manufacturing plants across India, including sites in Gujarat and Uttar Pradesh. The main managers for the issue are Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.
Disclaimer: This article is for informational purposes only and should not be taken as investment advice. Readers should consult financial advisors before making any investment decisions.
