Wed Oct 16 17:03:43 UTC 2024: ## Waaree Energies IPO to hit Dalal Street soon with strong grey market premium

**Mumbai, October 20, 2024:** Waaree Energies, a leading player in the green energy sector, is set to make its debut on the stock market with its upcoming initial public offering (IPO). The IPO, a book-built issue worth ₹4,321.44 crore, is scheduled to open for subscription on Monday, October 21, 2024. Anticipation for the IPO is already high, as evidenced by a significant grey market premium (GMP) on the company’s unlisted shares.

Market sources tracking grey market activities indicate that Waaree Energies shares are trading at a premium of ₹1,503 per share over the upper price band of ₹1,280, indicating a strong demand for the IPO. This represents a GMP of 85.16%, hinting at potential listing gains.

The IPO comprises a mix of fresh shares and an offer for sale (OFS). Waaree Energies will issue 23,952,095 new shares, while its promoters and shareholders will offer 4,800,000 shares for sale. The price band for the IPO has been fixed at ₹1,427-1,503 per share. The minimum lot size for an application is 9 shares, meaning investors can bid for a minimum of 9 shares and in multiples thereof.

The IPO is expected to generate significant interest from retail investors. The minimum investment amount for retail investors will be ₹13,527 for a single lot. Small non-institutional investors (SNII) will need a minimum investment of ₹2,02,905 for 15 lots (135 shares), while big non-institutional investors (BNII) will need to invest a minimum of ₹10,00,998 for 74 lots (666 shares).

The funds raised from the IPO will be used for various purposes, including setting up a 6 GW ingot, wafer, solar cell, and solar PV module manufacturing plant in Odisha through its wholly-owned subsidiary, Sangam Solar One. The remaining proceeds will be used for general corporate purposes.

Investors can bid for the Waaree Energies IPO until Wednesday, October 23, 2024. Share allotment is expected to be finalized on Thursday, October 24, 2024, and shares will be credited to the demat accounts of allottees on Friday, October 25, 2024. The shares of Waaree Energies are expected to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Monday, October 28, 2024.

Link Intime India is the registrar for the Waaree Energies IPO. The book-running lead managers for the public issue are Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.

Waaree Energies, established in 1989, is India’s largest solar module manufacturer with a capacity of 12 GW. The company offers a range of solar solutions, including solar modules, inverters, batteries, and solar rooftops. Waaree has four manufacturing centers in India and is present in over 388 national and 68 international locations. The company is vertically integrated, including cell manufacturing, and has acquired Indo Solar to expand its capacity to 5.4 GW.

Read More