Mon Oct 28 05:14:33 UTC 2024: ## Waaree Energies Makes Strong Debut on Dalal Street, But Falls Short of Initial Expectations

**Mumbai, India** – Shares of solar energy player Waaree Energies made a strong debut on Dalal Street on Monday, opening at a premium of 69.66% on BSE and 66.33% on NSE compared to its issue price of Rs 1,503.

However, the listing fell short of initial expectations. Prior to listing, unofficial market trading suggested a premium of around 90%, with the Grey Market Premium (GMP) reaching Rs 1,300-1,350. This was later revised to Rs 1,500-1,550 when the Initial Public Offering (IPO) closed for bidding.

The IPO, which took place between October 21st and 23rd, saw strong demand with an overall subscription of 76.34 times. Qualified Institutional Bidders (QIBs) showed the most interest, subscribing 208.63 times their allotted quota. Non-Institutional Investors (NIIs) subscribed 62.49 times, retail investors 10.79 times, and employees 5.17 times.

Waaree Energies, founded in 1990, is a leading manufacturer of solar PV modules with a total installed capacity of 12 GW. Their product portfolio includes multicrystalline, monocrystalline, and TopCon modules.

Brokerages had recommended subscribing to the IPO, citing a positive outlook for the company. Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital served as the book running lead managers, while Link Intime India acted as the registrar.

Despite the impressive listing gain, the lower-than-expected premium may indicate investor caution regarding the long-term prospects of the solar energy sector. Nonetheless, Waaree Energies’ strong debut highlights the growing interest in renewable energy solutions in India.

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