Wed Oct 16 17:03:44 UTC 2024: ## Waaree Energies IPO: Strong Grey Market Premium Hints at Big Gains for Investors

**Mumbai, India**: Waaree Energies, a leading Indian solar PV module manufacturer, is set to launch its Initial Public Offering (IPO) on Monday, 21st October, with subscriptions open till Wednesday, 23rd October. The IPO, expected to list on both BSE and NSE on 28th October, aims to raise a substantial ₹4,321.44 crores.

**Promising Prospects:** The IPO, with a price band of ₹1427 to ₹1503 per share, has generated significant buzz in the market. The grey market premium (GMP) is a strong indicator of investor interest, currently standing at ₹1350, potentially leading to a listing price of ₹2853 per share. This translates to a potential profit of 89.82% for investors who manage to secure shares.

**Company Overview:** Waaree Energies, established in December 1990, boasts a total installed capacity of 12 Gigawatts (GW). Their product portfolio includes multi-crystalline, mono-crystalline, and Topcon modules, as well as flexible bifacial modules, both framed and frameless. The company operates four manufacturing facilities in Gujarat, India, spread across 136.30 acres.

**IPO Proceeds and Financials:** The net proceeds from the IPO will be utilized to establish a 6GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha, India, and for general corporate purposes. Proceeds from the Offer For Sale (OFS) will go to the selling shareholders.

Waaree Energies has shown impressive financial performance, reporting a net profit of ₹401.13 crores with revenue of ₹3,496.41 crores for the quarter ending June 30, 2024. The company also recorded a net profit of ₹1,274.38 crores with revenue of ₹11,632.76 crores for the fiscal year ending March 31, 2024.

**Investor Allocation:** The IPO reserves ₹65 crores of equity shares for eligible employees of the company. 50% of the net offer is reserved for Qualified Institutional Bidders (QIBs), while Non-Institutional Investors (NII) are allocated 15%. The remaining 35% is reserved for retail investors.

**Expert Advice:** It’s important for investors to consult with a financial advisor before making any investment decisions, particularly considering the potential risks associated with IPOs.

Read More