Waaree Energies Ltd has announced a price band of Rs 1,427-1,503 per share for its upcoming initial public offering (IPO), representing a significant 45 percent discount from its current unlisted market price. The company’s unlisted shares have been trading between Rs 2,700-2,750, after soaring nearly 300 percent from around Rs 800 in August 2023 to a record high in September 2024.
The IPO’s price band has sparked interest, with the grey market premium indicating strong demand, trading at around Rs 1,280, approximately 85 percent above the upper price band. The offering includes a fresh issue of shares worth Rs 3,600 crore and an offer for sale of up to 4.8 million shares by existing shareholders. At the upper price band, the total issue size is estimated to be around Rs 4,321 crore, bringing the company’s market capitalization to approximately Rs 43,000 crore.
The subscription window for the Waaree Energies IPO will open on October 21 and will remain open for three days, thereby closing on October 23. Anchor bidding will start on October 18, while the finalization of share allotment will happen on October 24, followed by the refunding of excess money and crediting of shares the next day; that is, October 25. The shares reportedly get listed on exchanges on October 28.
This has been seen earlier too, with firms like AGS Transact, UTI Asset Management Co Ltd, PB Fintech, and Tata Technologies pricing their issues below the ongoing unlisted market price. All these companies had priced their IPOs at big discounts to their respective unlisted market valuation.
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Source: Moneycontrol
News Desk
