Waaree Energies launched its IPO, a book-built issue of ₹4,321.44 crores on October 21. The IPO comprises a fresh issue of 2.4 crore shares aggregating to ₹3,600 crore and an offer for sale of 0.48 crore shares aggregating to ₹721.44 crore.
Waaree Energies IPO Subscription Status
As per NSE data, the IPO has seen a subscription status of 1.65 times on Monday afternoon. The non-institutional investors (NII) category saw a significant oversubscription of 3.55 times, while the retail individual investors (RIIs) category was subscribed 1.80 times.
The employee category was subscribed 0.88 times and the qualified institutional buyers (QIBs) category, however, was undersubscribed.
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Waaree Energies IPO GMP
As of Monday, the grey market premium (GMP) for Waaree Energies was at ₹1480. At the upper price band of ₹1,503, Waaree Energies IPO's estimated listing price is ₹2,983, representing a premium of 98.47%.
It is important to note that while GMPs can provide some insight into market sentiment towards an IPO, they should not be considered as the sole factor behind the company’s performance upon listing.
Waaree Energies IPO Details
The IPO price band is set at ₹1,427 to ₹1,503 per share. The minimum lot size for an application is nine shares, requiring a minimum investment of ₹13,527 by retail investors. The allotment for the Waaree Energies IPO is expected to be finalised on Thursday, October 24 with the tentative listing date fixed as Monday, October 28 on both BSE and NSE.
The net proceeds from the offering will be used for setting up the 6 gigawatts of ingot wafer, solar cell and solar PV module manufacturing facility in Odisha. The funds will also be used for general corporate purposes.
About Waaree Energies
Waaree Energies is one of the leading solar energy companies in India. It is involved in the manufacturing and distribution of solar energy products and solutions. The company has a strong presence in both domestic and international markets.
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