Thu Oct 17 10:55:24 UTC 2024: ## Waaree Energies IPO to Open Next Week, Grey Market Premium Hits 104%
**Mumbai, India:** Solar panel manufacturer Waaree Energies is set to launch its initial public offering (IPO) next week, with the subscription period scheduled from October 21st to 23rd. The IPO has already garnered significant attention in the unlisted market, with the grey market premium reaching a whopping 104%.
According to Investorgain.com, Waaree Energies IPO shares are trading at a premium of ₹1565 in the grey market, suggesting a potential listing price of ₹3068, offering a potential first-day gain of over 100%.
The IPO, valued at ₹4,321 crore, will offer shares at a price band of ₹1427-1503 per share. Anchor investors will have the opportunity to bid on October 18th.
The IPO comprises a fresh issuance of shares worth ₹3,600 crore and an offer for sale (OFS) of 48 lakh shares by promoters and existing shareholders for ₹721.44 crore.
The proceeds from the IPO will be utilized to set up a 6 gigawatt ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha. A portion of the funds will also be used for general corporate purposes.
With the strong demand witnessed in the grey market, the Waaree Energies IPO is anticipated to be highly sought after by investors. The shares are expected to be listed on both BSE and NSE on October 28th.
First Piper 