Shares of Waaree Energies made an impressive debut on the stock exchanges today, opening at Rs 997 on the NSE, marking a 66.33% premium over its IPO price of Rs 1503. The BSE listing was equally strong at Rs 997, reflecting a 66.33% premium.
Record-Breaking IPO Subscription
The Waaree Energies IPO achieved an overall subscription of 76.34 times by the end of its third day. Institutional investors led the charge, with the institutional category subscribed 208.63 times, followed by the non-institutional investor portion at 62.48 times.
While the retail investor segment saw a subscription of 10.79 times. The IPO’s popularity among investors surpassed previous records set by Bajaj Housing Finance, Tata Technologies, and LIC, becoming the highest application volume in Indian IPO history.
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Where Will The Funds Raised From IPO Used?
Proceeds from the IPO will support Waaree Energies’ ambitious expansion plans, including a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as general corporate purposes.
Also ReadWaaree Energies IPO Listing 2024 Live Updates: Check GMP status, review allotment status and other details here
Waaree, a leader in India’s solar energy market, is focused on PV module manufacturing, boasting a 12 GW installed capacity as of June 2023.
Expanding Market Presence and Financial Growth
Waaree Energies has secured over 44% of India’s solar module export market, enhancing its competitive position in the industry. Its five manufacturing facilities are strategically located across Gujarat in Surat, Tumb, Nandigram, and Chikhli, along with the IndoSolar Facility in Noida, Uttar Pradesh.
The company has seen remarkable financial growth, with revenues up by 70% and profits after tax surging by 155% between FY23 and FY24.
Robust Order Book with Strong Export Revenues
With an order book of 19.9 GW, Waaree Energies generated more than Rs 6,500 crore from exports in FY24.
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