Mon Oct 28 05:40:01 UTC 2024: ## Waaree Energies IPO Makes Strong Debut on Indian Stock Exchanges

**Mumbai, India:** Waaree Energies, a leading solar PV module manufacturer in India, made a strong debut on the Indian stock exchanges on Monday, October 28. The company’s shares listed at ₹2,500 on NSE and ₹2,550 on BSE, representing a premium of 66.33% and 69.66% respectively over the issue price of ₹1,503.

The initial public offering (IPO), valued at ₹4,321.44 crore, was open for subscription from October 21 to October 23. The offer was priced in the range of ₹1,427-1,503 per share and witnessed robust demand, garnering 79.44 times bids.

Analysts attributed the strong listing to Waaree’s market leadership in the solar module sector, coupled with strong demand in the global solar market, and robust government support for renewable energy. The company’s impressive financial trajectory, including a revenue CAGR of 99.8% from FY22 to FY24 and a significant increase in profit after tax, also contributed to the positive investor sentiment.

Waaree Energies plans to use the proceeds from the fresh issue to partially finance the establishment of a 6GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha, India, as well as for general corporate purposes.

**Key highlights:**

* Listing price: ₹2,500 (NSE), ₹2,550 (BSE)
* Premium over issue price: 66.33% (NSE), 69.66% (BSE)
* IPO value: ₹4,321.44 crore
* Subscription: 79.44 times
* Revenue CAGR (FY22-FY24): 99.8%
* Profit after tax (FY24): ₹1,274 crore

Waaree’s strong debut reflects the growing investor confidence in the Indian solar energy sector. The company’s expansion plans and commitment to clean energy solutions position it for continued growth in the coming years.

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