Tue Oct 29 02:18:47 UTC 2024: ## Waaree Energies IPO Soars on Debut, But Falls Back on Profit-Taking
**Mumbai, India** – Waaree Energies, India’s largest solar module manufacturer and exporter, made a strong debut on the Indian stock market on Monday, listing at ₹2,550, a whopping 69.66% premium to its IPO price of ₹1,503. The stock further climbed to ₹2,600, marking a 72.98% surge, before closing at ₹2,345, still a 56% premium.
The company’s IPO, which was oversubscribed 76.34 times, attracted a record number of applications. However, despite the stellar listing, the stock saw a decline of over 10% attributed to profit-taking by investors.
Waaree Energies boasts a 13.3GW manufacturing capacity, a sixfold increase from 2GW in just three years. It holds a 21% market share in India and contributes 44% of the country’s solar module exports.
The overall Indian stock market witnessed a strong rally on Monday, with the benchmark Sensex index closing 0.76% higher at 80,005.04 points. The gains were fueled by buying in ICICI Bank and positive global sentiment.
While the initial enthusiasm surrounding Waaree Energies’ IPO proved short-lived, the strong demand and company performance suggest potential for long-term growth in the renewable energy sector.
First Piper 