Waaree Energies Limited made a remarkable debut on the Indian stock exchanges on October 28, 2024, exceeding market expectations. The stock opened at ₹2,500 on the National Stock Exchange (NSE), representing a premium of 66.33% over its issue price of ₹1,503. On the Bombay Stock Exchange (BSE), it opened even higher at ₹2,550, achieving a premium of 69.66%. This exceptional listing follows strong demand for the IPO, which received bids totaling 79.44 times the shares available. Retail investors subscribed 11.27 times, while the non-institutional investor (NII) segment saw 65.25 times subscription and qualified institutional buyers (QIBs) led with a remarkable 215.03 times subscription.
The IPO, held from October 21 to October 23, aimed to raise ₹4,321.44 crore, combining a fresh issue of shares worth ₹3,600 crore and an offer for sale of ₹721.44 crore from existing shareholders. This capital will primarily fund Waaree’s expansion plans, which include a 6 GW manufacturing facility in Odisha focused on producing ingot wafers, solar cells, and solar PV modules. Additional funds are allocated for general corporate expenses to support the company’s broader growth objectives.
Founded in 1990, Waaree Energies has become India’s largest solar PV module manufacturer with a 12 GW installed capacity. Its product range includes multi-crystalline, monocrystalline, and TopCon modules, as well as innovative solutions like building-integrated photovoltaic (BIPV) modules. The company is also expanding globally, with plans for a 3 GW manufacturing facility in the United States.
Financially, Waaree has demonstrated significant growth. In FY2024, the company’s revenue surged by 69% to ₹11,398 crore, while profit after tax more than doubled to ₹1,274 crore. This performance highlights Waaree’s financial strength and its ability to thrive in the competitive renewable energy sector, fueling investor confidence during the IPO.
Disclaimer: This information is for educational purposes only and should not be considered financial advice. Market investments are subject to risks. Please conduct your own research or consult a financial advisor before making investment decisions.
Leave a Reply