Waaree Energies Debuts at 66% Premium on NSE

28 Oct 2024 , 11:00 AM

Shares of Waaree Energies made an impressive debut on the National Stock Exchange (NSE) on October 28, listing at ₹2,500—a strong 66.3% premium over its issue price of ₹1,503 per share. The solar energy solutions company’s initial public offering (IPO) of ₹4,321 crore was in high demand, with the offer oversubscribed 76.34 times, showcasing robust investor interest.

The issue has received overwhelming response from investors. The Qualified institutional buyers (QIBs) led the subscriptions, oversubscribing their reserved portion by 208.63 times. Non-institutional investors bid 62.48 times their allotment, while retail investors subscribed 10.79 times.

The company has also reserved a portion for its employees which attracted strong interest with a 5.17 times subscription.

Headquartered in Mumbai, Waaree Energies operates five manufacturing plants in India. The facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as a site in Noida, Uttar Pradesh.

The company plans to channel the proceeds from the IPO towards establishing a 6 GW production facility in Odisha dedicated to manufacturing ingot wafers, solar cells, and photovoltaic (PV) modules, with additional funds allocated for general corporate activities.