Waaree Energies Limited, a leading player in India’s solar photovoltaic module manufacturing industry, made its much-anticipated stock market debut today, October 28, 2024. The shares listed at ₹2,500 per share, registering a 66.33% gain over the issue price, although this was below the expected grey market premium (GMP) predictions. According to market estimates, Waaree Energies was expected to list at ₹2,778, reflecting a higher premium of 84.83% over the issue price. Despite falling short of expectations, the listing still provided significant gains for investors.
Company Overview:
Incorporated in December 1990, Waaree Energies has grown into one of India’s most prominent manufacturers in the solar energy sector. The company produces various solar modules, including multicrystalline, monocrystalline, and TopCon modules, positioning itself as a key player in renewable energy.
Product Portfolio:
- Multicrystalline modules
- Monocrystalline modules
- TopCon modules, including flexible bifacial, framed, and unframed modules, and building-integrated photovoltaic (BIPV) modules.
Waaree Energies operates across 136.30 acres in Surat, Gujarat, with a total installed capacity of 12 GW.
Pre-IPO Funding:
Ahead of its listing, Waaree Energies raised ₹1,276.93 crore from anchor investors, signaling strong institutional interest.
Promoters: The promoters of Waaree Energies include Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited.
IPO Details:
- Total IPO value: ₹4,321.44 crore
- Fresh issue: ₹3,600 crore
- Offer for sale: ₹721.44 crore
- Price band: ₹1,427 – ₹1,503 per share
Investor Interest and Grey Market Premium:
The grey market premium for Waaree Energies was pegged at 84.83%, predicting a listing price of ₹2,778. However, the actual listing at ₹2,500 still provided substantial returns to investors, though slightly below the optimistic projections.
Key Dates:
- Bidding Period: October 21-23, 2024
- Allotment Date: October 24, 2024
- Listing Date: October 28, 2024
- Listing Exchanges: BSE and NSE
Waaree Energies’ IPO generated strong interest across all investor categories, bolstered by positive market sentiment and growing demand in the renewable energy space. While the listing didn’t hit the GMP-projected levels, investors still benefited from significant early gains. The focus now shifts to Waaree’s post-listing performance as it continues to capitalize on India’s burgeoning solar energy market.
Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.
