Waaree Energies IPO Sparks Investor Excitement as GMP Signals Multibagger Potential – Will You Cash In

Investors are excited about the upcoming IPO of Waaree Energies, as the company’s shares are in high demand in the grey market. The IPO is set to raise ₹432 crore, and the price range is between ₹1,427 and ₹1,503 per share. The subscription period for the IPO will be from October 21 to October 23.

In the grey market, the shares are currently trading at a premium of ₹1,350, suggesting a potential 90% gain over the issue price. This strong demand has led many analysts to predict that Waaree Energies could see a multibagger listing, meaning the stock could multiply in value after its debut. However, grey market premiums are not guaranteed, as prices can change quickly.

Waaree Energies plans to use the funds from the IPO for several key projects, including setting up a 6-gigawatt (GW) manufacturing plant in Odisha for ingots, wafers, solar cells, and PV modules. The company will also allocate part of the funds for general corporate purposes.

Waaree Energies is currently the largest manufacturer of solar PV modules in India, with a total installed capacity of 12 GW as of June 2024. The company reported strong financial performance in fiscal year 2024, with a 69% increase in revenue, reaching ₹11,398 crore, and a profit of ₹1,274 crore, more than double the previous year.

The company is expanding its reach globally, including plans for a 3 GW manufacturing facility in the United States. In India, the commercial and industrial solar sector continues to grow, adding around 10 GW between 2019 and 2023, with a total capacity of 25 GW by the end of 2023.

The lead managers for the Waaree Energies IPO include Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital.