Tue Oct 29 09:22:58 UTC 2024: ## Waaree Energies Makes Strong Debut on Dalal Street, Listed at 69.66% Premium
**Mumbai, India:** Shares of solar energy player Waaree Energies made a strong debut on Dalal Street on Monday, opening at Rs 2,550 on BSE, representing a premium of 69.66% over its issue price of Rs 1,503. The stock similarly debuted at Rs 2,500 on NSE, a premium of 66.33%.
While the listing was strong, it fell short of the initial expectations. Prior to listing, unofficial market trading indicated a premium of Rs 1,300-1,350, suggesting a potential listing pop of around 90%. However, the grey market premium (GMP) settled at Rs 1,500-1,550 when the issue closed for bidding.
The IPO of Waaree Energies was open for subscription between October 21 and October 23, with the company offering shares at a fixed price band of Rs 1,427-1,503 per share. The IPO, which raised Rs 4,321.44 crore, included a fresh share sale of Rs 3,600 crore and an offer-for-sale (OFS) of up to 48 lakh equity shares.
The issue was oversubscribed by a significant 76.34 times, driven by strong interest from qualified institutional bidders (QIBs), whose quota was booked a stellar 208.63 times. Non-institutional investors (NIIs) also showed strong interest, subscribing 62.49 times the allotted portion. Retail investors and employees subscribed 10.79 times and 5.17 times, respectively.
Waaree Energies, incorporated in 1990, is a leading manufacturer of solar PV modules in India, with an installed capacity of 12 GW. Its product portfolio includes a range of solar energy products, including multicrystalline, monocrystalline, and TopCon modules.
Brokerages had a positive outlook on the IPO, recommending subscription to investors. 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 for the issue.
First Piper 