Waaree Energies IPO Sees Strong Investor Demand on Day 1

When Waaree Energies‘ much-anticipated initial public offering (IPO) went live on October 21, it received an incredible reaction, with over 3.32 subscriptions by the end of the first day. October 23 is the last day of the public offering.

The IPO got an astounding 6.99 crore applications as of 5 PM on the first day, out of the 2.11 crore shares that were up for auction. Due to the influx of retail investors, the retail component of the offer was subscribed for 3.17 times. In contrast, the BSE statistics showed a strong 8.09 times subscription for the non-institutional investors (NII) group. 

Waaree Energies IPO Highlights

The IPO shares of Waaree Energies are priced between ₹1,427 and ₹1,503 per equity share. The offering consists of both an offer for sale (OFS) and newly issued issue shares. With ₹3,600 crore from the new offer and ₹721.44 crore from the OFS, the business hopes to raise ₹4,321.44 crore.

The money raised from the new issuance would be used to build a cutting-edge manufacturing plant in Odisha. This plant will be able to produce 6 GW of PV modules, solar cells, and ingot wafers. Additionally, a portion of the money will go toward regular business expenditures.

At the upper end of the pricing range, Waaree Energies’ post-IPO valuation is more than ₹43,179 crore. 50% of the shares are set aside for qualified institutional buyers (QIBs), 35% are allocated to retail investors, and 15% are allocated to non-institutional investors. Employees of Waaree have also been designated to get shares valued at ₹65 crore.

Bullish Sentiment in Grey Market

In anticipation of the IPO, the gray market has expressed a positive prognosis for Waaree Energies. In the grey market, the company’s shares are presently selling at a premium of ₹1,500, indicating that investors are quite interested. 

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