The initial public offering (IPO) of solar panel manufacturer Waaree Energies Ltd (WEL) is set to close today, October 23. The IPO, valued at Rs 4,321 crore, witnessed substantial interest, being subscribed over 50% within the first hour of bidding. By the end of the second day, subscription levels soared to 9.19 times.
In addition to the strong bidding, grey market activity suggests a promising 92% potential listing gain for investors, indicating robust confidence in the company’s market debut. Investors are keenly watching the final day of bidding as Waaree Energies prepares to enter the public market.
Waaree Energies IPO Sees Strong Subscription Ahead of Final Day Closure
Today until the mid day, The Waaree Energies Ltd (WEL) IPO has garnered significant interest, with bids for 28,72,02,645 shares against the 2,02,56,207 shares available, resulting in an impressive overall subscription rate of 14.18 times.
Breaking down the subscription categories, the retail quota has been oversubscribed by 8.22 times, while non-institutional investors (NII) have shown remarkable demand with a subscription rate of 42.51 times. The Qualified Institutional Buyer (QIB) category has also seen a solid response, registering a 3.27 times subscription.
With just few minutes remaining until the bidding closes, the strong demand reflects investors’ confidence in Waaree Energies as it prepares to make its market debut.
Aditya Birla Money Recommends ‘Subscribe’ for Waaree Energies IPO Amid Strong Growth Metrics
Aditya Birla Money has issued a ‘Subscribe’ recommendation for the Waaree Energies Ltd IPO, citing the company’s impressive financial growth and adaptability in technology. Over the fiscal years 2022 to 2024, Waaree Energies has experienced a revenue increase of approximately four times, while EBITDA and PAT have surged by around nine and fifteen times, respectively.
Currently valued at a price-to-earnings (PE) ratio of 34x based on FY24 profits, Waaree Energies is seen as well-positioned for long-term success. The recommendation reflects confidence in the company’s ability to leverage market opportunities while maintaining agility in its operations as it prepares for its market debut.
