Mon Oct 21 07:37:56 UTC 2024: **Summary of Waaree Energies IPO Update (October 21, 2024)**

– **IPO Details**:
– Waaree Energies Ltd (WEL), a solar panel manufacturer, launched its initial public offering (IPO) worth Rs 4,321 crore on October 21, 2024.
– The IPO opened for subscription from October 21 to October 23, with shares scheduled to list on BSE and NSE on October 28.

– **Subscription Status**:
– As of the first hour of bidding, the IPO was subscribed over 50% overall, with bids for 1,09,13,427 shares against 2,02,56,207 shares offered.
– Non-institutional investors (NII) saw a subscription of 1.18 times, while retail participation was at 0.57 times. The Qualified Institutional Buyer (QIB) category remains unsubscribed.

– **Price Band**:
– The shares are priced at Rs 1,427 to Rs 1,503 each, with a minimum investment amount of Rs 13,527 for retail investors.

– **Grey Market Activity**:
– Waaree Energies shares were noted to be trading at a premium of Rs 1,510 in the grey market, suggesting expected listing gains of over 100%.

– **Analyst Recommendations**:
– Most analysts have given a ‘subscribe’ rating based on Waaree’s promising growth outlook, solid order book, and overall financial performance.
– Analysts highlighted the company’s positioning in the solar energy sector, government support, and emphasis on sustainability and innovation.

– **Use of Proceeds**:
– Funds raised will be allocated for establishing a 6 GW manufacturing facility in Odisha, as well as for general corporate purposes.

– **Company Background**:
– Waaree Energies is a significant player in India’s solar energy sector, focusing on photovoltaic module manufacturing with an installed capacity of 12 GW as of mid-2023.

– **Management and Advisors**:
– The IPO is managed by multiple lead managers, including Axis Capital and SBI Capital Markets.

This IPO reflects increasing interest in renewable energy investments and positions Waaree Energies for future growth in the solar power domain.

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