Waaree Energies, a prominent solar PV modules manufacturer, is making its stock market debut today, October 28, after receiving a record response for its initial public offering (IPO). The shares will begin trading on the BSE and NSE, with the company raising ₹4,321.44 crore through a combination of fresh issues and an offer for sale. The IPO, open for subscription from October 21-23, was subscribed a staggering 76.34 times, attracting bids worth ₹2.41 lakh crore.
In the grey market, Waaree Energies shares are trading at a premium of ₹1,274 above the issue price of ₹1,503, indicating a potential listing price of ₹2,777 per share, or around an 85% premium. Stock experts predict that the listing could deliver gains close to 100% for investors, driven by the strong demand and bullish sentiment surrounding the IPO.
The record-breaking IPO witnessed interest from all categories, with QIBs subscribing 208.63 times, NIIs 62.49 times, and retail investors 10.79 times. With this high grey market premium, apart from the strategic positioning that the company enjoys in the renewable energy sector, its listing is likely to make a big impact.
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Source: Livemint
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