Waaree Energies is set to finalize the allotment of its shares on Thursday, October 24. Investors participating in the bidding will receive notifications regarding fund debit or Waaree Energies IPO mandate revocations by Friday, October 25.
This Mumbai-based solar energy player received a massive response from investors during its IPO, which was open for bidding from October 21 to October 23.
Waaree Energies IPO Overview
The IPO shares were offered at Rs 1,427 to Rs 1,503 per share, with a minimum lot size of nine shares.
Through this offering, Waaree Energies successfully raised Rs 4,321.44 crore, consisting of Rs 3,600 crore in fresh share sales and an offer-for-sale (OFS) of up to 48 lakh equity shares.
The IPO was overwhelmingly subscribed by investors, being booked 76.34 times. Qualified Institutional Buyers (QIBs) led the demand, subscribing 208.63 times their reserved quota.
Non-Institutional Investors (NIIs) subscribed 62.49 times, while retail investors and employees subscribed 10.79 times and 5.17 times, respectively.
Waaree Energies Grey Market Premium
Waaree Energies’ IPO has been generating significant excitement in the grey market.
The shares were last reported to be trading at a premium of Rs 1,550-1,570 per share, indicating potential returns exceeding 105% for investors.
This signals the stock’s potential to be a multi-bagger, a term used for stocks that offer high returns.
Company Background and Growth Prospects
Founded in 1990, Waaree Energies is one of India’s leading manufacturers of solar photovoltaic (PV) modules, with an installed capacity of 12 GW.
The company’s product portfolio includes various types of PV modules such as multicrystalline, monocrystalline, and TopCon modules.
The positive response to the IPO reflects investor confidence in Waaree’s growth potential, bolstered by the rising demand for solar energy in India.
The company’s plans for expansion, its strong financial record, and its leading market position make it a promising investment opportunity.
However, investors should be mindful of potential risks, including dependence on China for raw materials and changes in government policies that may affect the solar energy sector.
Steps to Check Waaree Energies IPO Allotment Status
On the BSE Website:
- Visit the BSE portal at BSE Allotment Status.
- Choose “Equity” as the issue type.
- From the dropdown, select “Waaree Energies Limited.”
- Enter your application number and PAN card details.
- Confirm the CAPTCHA and click “Search.”
Conclusion
Waaree Energies has generated significant buzz in the market due to its strong IPO subscription rates and high grey market premium, making it a stock to watch.
Investors can easily check their allotment status through the BSE website or Link Intime India.
With Waaree’s robust market position and the growing demand for solar energy, this IPO could provide excellent returns for investors, although risks associated with supply chain and policy changes remain key considerations.