Wed Oct 16 13:15:05 UTC 2024: ## Waaree Energies IPO to Open Next Week with High Anticipation
**Mumbai, India (October 16, 2024):** Waaree Energies Limited, a leading solar photovoltaic (PV) module manufacturer, is all set to launch its Initial Public Offering (IPO) next week, starting October 21st. The IPO has already generated significant buzz amongst investors, evidenced by a high Grey Market Premium (GMP).
The GMP, a measure of the expected premium over the IPO price, has surged to a staggering 85% ahead of the offering, indicating strong investor interest. The Grey Market, an unofficial platform where shares are traded before listing, offers investors a glimpse into potential listing price expectations. However, it’s important to note that GMPs are not guaranteed predictors of actual listing prices.
Waaree Energies has set a price band of INR 1427-1503 per share for the IPO. The IPO will open for subscription from October 21st to 23rd, with an additional day for anchor investors on October 18th. Allotment is expected on October 24th, followed by listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 28th.
The IPO aims to raise INR 3,600 crore through fresh issuance of shares. Additionally, around 4.8 million shares will be offered for sale by promoters and existing shareholders, including Waaree Sustainable Finance Private Limited and Chandurkar Investment Private Limited.
At the upper end of the price band (INR 1503), the IPO size would be around INR 4,321 crore, valuing the company at approximately INR 43,000 crore.
Waaree Energies, founded in 2007, has established itself as a key player in India’s solar industry. The company boasts a total installed capacity of 12 gigawatts (GW) as of June 2023, with its focus on PV module manufacturing. Waaree operates five manufacturing facilities, four in Gujarat (Surat, Tumb, Nandigram, and Chikhli) and one in Noida, Uttar Pradesh.
The company has witnessed significant financial growth, with revenue increasing by 70% and net profit rising by 155% in FY24.
The IPO is anticipated to be a highly sought-after offering, driven by investor optimism surrounding Waaree Energies’ strong track record and prospects in the burgeoning solar energy sector.
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