Waaree Renewable Hits Record High on Stock Split News; IPO Filing Boosts Momentum

5 Jan 2024 , 02:09 PM

Waaree Renewable Technologies witnesses a 10% surge, hitting a record high of Rs 2,703.95 on January 5, following the announcement of a potential stock split scheduled for January 20. At the time of writing, the stock was trading at Rs 2649.85

The proposed stock split, if approved, will be the first for the company, aiming to increase shares outstanding and decrease the price per share without altering the overall market value or investor ownership.

Stock split strategy is intended to enhance stock affordability, attract a broader investor base, and potentially increase liquidity.

Buzz around the stock intensified last week after Waaree Energies, the parent company, filed documents for an initial public offering (IPO).

Waaree Energies submitted a draft red herring prospectus to SEBI for the IPO, involving a new issuance of shares worth Rs 3,000 crore and an offer for sale of 32 lakh shares.

Proceeds from the IPO are planned to fund the construction of a 6 gigawatt (GW) manufacturing facility in Odisha.

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