Waaree Energies Limited, one of India’s leading solar photovoltaic module manufacturers, is set to make its stock market debut today, October 28, 2024. Investors are eagerly awaiting the listing, with grey market premiums (GMP) indicating a significant potential gain. According to market estimates, Waaree Energies shares could list at ₹2,778, reflecting a premium of ₹1,275 or 84.83% over the issue price.
Company Overview:
Incorporated in December 1990, Waaree Energies is a major player in India’s solar energy market. The company specializes in manufacturing various solar modules, including multicrystalline, monocrystalline, and TopCon modules. Waaree Energies operates four manufacturing facilities across India, with a combined installed capacity of 12 GW.
Product Portfolio:
- Multicrystalline modules
- Monocrystalline modules
- TopCon modules, including flexible bifacial modules, framed and unframed modules, and building-integrated photovoltaic (BIPV) modules
Waaree Energies operates its manufacturing units across 136.30 acres in Surat, Gujarat.
Pre-IPO Funding:
Ahead of its listing, Waaree Energies raised Rs 1,276.93 crore from anchor investors, reflecting strong interest from institutional players.
Promoters:
The company’s promoters include Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited.
IPO Details:
The Waaree Energies IPO was valued at Rs 4,321.44 crore, with a fresh issue of 2.4 crore shares raising Rs 3,600 crore, and an offer for sale of 0.48 crore shares totaling Rs 721.44 crore. The price band for the IPO was set between ₹1,427 and ₹1,503 per share.
Investor Interest and Grey Market Premium:
With an estimated grey market premium of 84.83%, Waaree Energies’ shares are expected to list at ₹2,778, well above the issue price, signaling potential multibagger gains for early investors.
Key Dates and Listing Information:
- Bidding Period: October 21-23, 2024
- Allotment Date: October 24, 2024
- Listing Date: October 28, 2024
- Listing Exchanges: BSE and NSE
Waaree Energies’ IPO received strong demand across all categories, further fueled by positive market cues and expectations of robust growth in India’s renewable energy sector.
As trading begins today, all eyes will be on Waaree Energies to see if the stock matches the high expectations set by the grey market.
