Waaree Energies IPO Sees Strong Demand, Subscribed 3.32 Times on Day 1

Mumbai, October 22, 2024: Waaree Energies Ltd’s initial public offering (IPO) has received a strong response from investors, with the issue subscribed 3.32 times on the first day of bidding.

According to data from the Bombay Stock Exchange (BSE), retail investors subscribed 3.17 times, non-institutional investors subscribed 8.09 times, and qualified institutional buyers (QIBs) were allotted 8% of the shares. The employee portion was booked 1.57 times.

The IPO, which aims to raise ₹4,321.44 crore, has been priced in the range of ₹1,427-1,503 per share. The company has fixed the issue price at ₹1,503 per share.

Analysts have given a “subscribe” rating to the IPO, citing the company’s strong financial growth, competitive pricing, and favorable industry trends.

“We recommend a ‘subscribe’ rating for medium to long-term investment,” said Sagar Shetty, Research Analyst at StoxBox. “The company’s operational revenue grew at an outstanding CAGR of 99.8% from FY22 to FY24.”

The IPO is likely to be allotted on October 24, 2024, and listed on October 28, 2024.

Waaree Energies is a leading solar module manufacturer in India, with a strong presence in the renewable energy sector.

Key IPO Details:

– Issue Size: ₹4,321.44 crore
– Price Band: ₹1,427-1,503 per share
– Issue Date: October 21-23, 2024
– Allotment Date: October 24, 2024 (likely)
– Listing Date: October 28, 2024 (likely)

About Waaree Energies:

Waaree Energies Ltd is a leading solar module manufacturer in India, with a strong presence in the renewable energy sector. The company has a global footprint, with operations in over 20 countries.