Mon Oct 28 09:12:00 UTC 2024: ## Waaree Energies Shares Plunge 5% on Listing Day
**MUMBAI, INDIA -** Shares of solar PV module manufacturer Waaree Energies Limited plummeted nearly 5% on their debut on the Bombay Stock Exchange (BSE) today, October 28, 2024. The stock opened at ₹2,550 but quickly dropped to ₹2,429.55 by midday, marking a loss of 4.72%.
The company’s initial public offering (IPO), which opened for subscription from October 21 to 23, saw an overwhelming response, garnering bids worth over ₹2.41 lakh crore against an offer size of ₹4,321.44 crore. The IPO comprised a fresh issue of 2.4 crore equity shares and an offer for sale (OFS) of 48 lakh shares.
Waaree Energies’ grey market premium (GMP), which reflects the expected listing premium, had been hovering between 80-100% before the listing, suggesting a potential opening price significantly higher than the issue price band of ₹1,427 to ₹1,503. However, the actual listing price fell far short of those expectations.
Despite the disappointing debut, Waaree Energies had attracted strong investor interest during the IPO. Retail investors subscribed 10.79 times, Non Institutional Investors (NII) 62.49 times, and Qualified Institutional Buyers (QIBs) 208.63 times.
The reasons behind the initial dip in the share price remain unclear. Market analysts will likely be watching closely to see if this is a temporary setback or a sign of underlying concerns about the company’s prospects.
First Piper 