Tue Oct 29 21:53:32 UTC 2024: ## Waaree Energies Makes a Power-Packed Listing, Soaring 69.7% on Debut
**MUMBAI, INDIA** – Waaree Energies, India’s largest solar-panel maker, made a stellar debut on the stock market Monday, with its shares surging 69.7% above its initial public offering (IPO) price. The stock opened at ₹2,550 on the BSE, a premium of ₹1,047 over its issue price of ₹1,503.
The IPO, which raised $514 million, had garnered strong interest from investors, with the offer getting subscribed over 70 times. This strong demand reflects investor confidence in Waaree’s growth potential, fueled by India’s robust renewable energy sector and the company’s strategic position as a key player.
Waaree’s impressive listing comes on the heels of a disappointing debut for Hyundai Motor India’s IPO last week, which saw a first-day decline. This makes Waaree’s success even more notable, as it underscores the enduring appetite for new listings in India, particularly within the renewable energy sector.
Waaree’s portfolio includes solar modules, inverters, and other energy solutions. The company has a strong focus on growth and expansion, backed by favorable government policies and incentive schemes. Its financial performance has been robust, with the company reporting a profit of over ₹4 billion on revenue of ₹34.1 billion for the quarter ending June.
The company’s strong listing is a testament to investor confidence in its growth potential and financial stability. Although the stock has retreated slightly from its peak, it continues to trade at a substantial premium over its IPO price, indicating a positive outlook for the company.
**Market Experts Weigh In**
Analysts suggest that long-term investors may choose to hold their positions, while short-term investors could look to book profits at a target price of ₹2,750-2,800. Fresh accumulation may be considered at a price range of ₹2,200-2,300, depending on market conditions and profit-booking trends.
First Piper 