Mon Oct 28 11:18:06 UTC 2024: ## Waaree Energies Shares Plunge on Listing Day

**Mumbai, India:** Waaree Energies, the leading solar PV module manufacturer, saw its share price plummet nearly 5% on its debut listing on the Bombay Stock Exchange (BSE) today. The stock opened at ₹2,550 but quickly fell to ₹2,429.55 by 12 pm IST, marking a decline of 4.72% or 120.45 points.

The company’s initial public offering (IPO) had been a resounding success, oversubscribed by 76.34 times. Waaree Energies raised a total of ₹4,321.44 crore through the IPO, which included a fresh issue of ₹3,600 crore and an offer for sale (OFS) of ₹721.44 crore.

Despite the strong IPO response, the stock’s underwhelming debut performance has raised eyebrows amongst market analysts. This could be attributed to factors such as a recent correction in the broader market, investor expectations surpassing the opening price, and a grey market premium (GMP) that was higher than the actual listing price.

The IPO was managed by a consortium of investment banks including Axis Capital, IIFL Securities, and Jefferies India.

The company’s share price is expected to be closely watched in the coming days as investors assess its long-term prospects in the growing solar energy sector.

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