Shares of Waaree Energies Ltd dropped 6.92% as of 10:39 am, trading at ₹3,384.95 on the NSE, following a profit booking wave. This decline comes after an impressive rally since the company’s stock market debut on October 28, where it listed at ₹2,550, a premium of 69.66% over its IPO price of ₹1,503.
Since its listing, Waaree Energies shares surged more than 50% in just one week, pushing the company’s market capitalization past the ₹1 lakh crore mark. On November 5, the stock reached an all-time high of ₹3,740.75 on the BSE, reflecting a 148.86% gain from the IPO price and a significant 47% rise over the listing price.
The IPO of Waaree Energies saw a strong response from investors, being oversubscribed 79.44 times, with the QIB segment receiving 215.03 times bids, NII at 65.25 times, and retail investors at 11.27 times.
This recent decline appears to be a result of profit booking as early investors capitalize on the stock’s rapid gains, even as the demand for renewable energy stocks remains robust.
Waaree Energies Limited has secured a significant order to supply 180 MWp of solar PV modules from a domestic renewable energy company. The supply is scheduled to begin in November 2024 and end in Q4 FY 2025. This order is a one-time contract and does not involve any related party transactions.
Key Contract Highlights:
- Domestic Partnership: This contract is awarded by a major Indian renewable energy company
- Scope and Scale: Waaree will deliver 180 MWp of high-efficiency solar PV modules
- Delivery Timeline: The module supply is set to begin in late November 2024, with completion targeted for the last quarter of FY 2025.
