Waaree Energies initial public offering (IPO), which opened for subscription on October 21, was subscribed over 3.32 times on the first day of bidding. The public offer will remain open till October 23.
By 5 PM on the first day of bidding, the public issue received 6,98,85,360 applications against offered 2,10,79,384 shares. The retail portion of the book build issue was booked 3.17 times, and the NII segment was subscribed 8.09 times, as per data available on BSE.
Waaree Energies IPO details
The company has set the IPO price for Waaree Energies between ₹1,427 and ₹1,503 per equity share. This book-built issue comprises both fresh shares and an offer for sale (OFS).
The company aims to raise ₹4,321.44 crore through this offering, with ₹3,600 crore targeted from the issuance of new shares and the remaining ₹721.44 crore allocated for the OFS.
The funds raised from the new issue will be allocated for establishing a manufacturing facility in Odisha that will produce 6 GW of ingot wafers, solar cells, and solar PV modules. Additionally, a portion of the proceeds will be designated for general corporate purposes.
The company’s market valuation has been set at over ₹43,179 crore following the issue, at the upper limit of the price range.
Half of the issue size has been allocated for qualified institutional investors, 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors. Additionally, shares worth ₹65 crore have been set aside for the employees of the solar panel manufacturer.
Waaree Energies IPO GMP
Ahead of the IPO launch, the grey market is exhibiting strong bullish sentiment for Waaree Energies. Market analysts report that shares of the company are currently trading at a premium of ₹1,500 in the grey market today, indicating significant investor interest.
As per investorgain, the estimated listing price of Waaree Energies IPO is likely to be ₹3003, which is 99.8 per cent higher than the IPO price of ₹1503.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
