Tue Oct 29 08:32:14 UTC 2024: ## Waaree Energies Makes Power-Packed Debut on Stock Market, Shares Surge 69%
**Mumbai, India** – Shares of Waaree Energies, India’s largest solar panel manufacturer, made a strong debut on the stock market today, surging 69.7% over its initial public offering (IPO) price of ₹1,503. The stock opened at ₹2,550 on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
The strong listing reflects investor confidence in the company’s growth potential and financial stability. Waaree’s IPO, which raised $514 million, saw a significant response from all categories of investors, with institutional investors subscribing 76.4 times.
The company’s strong performance comes amidst a generally subdued market mood. Earlier this week, India’s largest IPO ever, by Hyundai Motor India, saw a disappointing first-day decline, leading to concerns about the market’s appetite for large listings. However, Waaree’s success demonstrates the continued strong interest in India’s renewable energy sector.
“Despite the ongoing subdued market mood, Waaree Energies received the strongest subscription response from all sets of investors,” said an analyst. “We believe the long term investor demand would continue at the counter on the back of sector demand and expansion plans.”
Waaree is a leading manufacturer of solar PV modules with an installed capacity of 12 GW. The company has demonstrated remarkable financial growth and has a diversified customer base. The company’s business prospects are aligned with Prime Minister Narendra Modi’s goal to boost renewable energy production in India.
While the stock has given up some of its initial gains in further trading, it still represents a solid 58% increase over the IPO price. Analysts recommend that long-term investors “HOLD” the stock, while short-term investors can look to book profits at around ₹2,750-₹2,800. Fresh accumulation can be attempted at ₹2,200-₹2,300 if the opportunity arises due to market scenario and profits booking attempts.
First Piper 