Waaree Energie’s Rs 4,321 crore initial public offering (IPO) launched on October 21, showing impressive demand on its first day of bidding. The issue was subscribed 3.32 times, with bids totaling 6.98 crore shares compared to the 2.1 crore shares available. These figures are according to exchange data.
Waaree Energies IPO Surges To 5.01 Times Subscription Today
As on the second day of bidding, the IPO of Waaree Energies Limited has been oversubscribed by 5.01 times. The retail portion of the book-built issue saw significant interest. The IPO gained attention with subscriptions reaching 4.49 times. While the Non-Institutional Investor (NII) segment was notably robust at 13 times.
In contrast, the Qualified Institutional Buyer (QIB) segment has attracted relatively low demand, being filled only 0.09 times. The strong overall response highlights investor confidence in Waaree Energies. The company attracts tremendous attention as it seeks to capitalize on the growing renewable energy sector in India.
Attracts Strong Investor Interest
The initial public offering (IPO) of Waaree Energies Limited will continue until October 23, 2024. The solar PV module manufacturer has set a price band of ₹1427 to ₹1503 per equity share. Aims to raise ₹4,321.44 crore, with ₹3,600 crore expected through the issuance of fresh shares.
First day bidding shows the IPO has garnered a positive response. These responses were quick from investors in the Indian primary market. In a notable turn, the grey market has reacted favorably on the IPO launch. As Waaree Energies shares trading at a substantial premium of 100%.
As the subscription period continues, industry analysts are keenly watching how the IPO will perform amid this encouraging backdrop.
According to reports, Motilal Oswal has also assigned a ‘subscribe’ tag to the public issue, saying, “The IPO is reasonably priced at 26.9x Q1FY25 P/E (on a diluted basis). With Waaree Energies being a market leader in the solar module segment and positive factors like growing global demand for solar energy, strong government focus on the renewable sector, and impetus on the China Plus One Policy, the company is favourably positioned. Hence, I recommend ‘SUBSCRIBE’ on the issue. Given the current buoyant market and high interest for renewable energy-related stocks, the issue could catch investors’ fancy and see listing gains.”
(Disclaimer: This article is just for information and not for investment purpose.)
