Waaree Energies IPO Soars on Day 1: Fully Subscribed 3.32 Times, Retail Section 3.17x Filled – Check GMP & Key Details

The Waaree Energies initial public offering (IPO), which opened on October 21, was fully subscribed on its first day. By 5 PM, the IPO was subscribed 3.32 times, receiving 6,98,85,360 applications for the 2,10,79,384 shares on offer. The retail portion was subscribed 3.17 times, while the non-institutional investors (NII) segment saw 8.09 times subscription, according to BSE data.

Waaree Energies IPO Details

The IPO price range is set between ₹1,427 and ₹1,503 per share. The offering consists of both new shares and shares being sold by existing shareholders (offer for sale or OFS). Waaree Energies is looking to raise ₹4,321.44 crore, with ₹3,600 crore from new shares and ₹721.44 crore through the OFS.

The funds raised will be used to build a new manufacturing facility in Odisha. This facility will produce 6 GW of ingot wafers, solar cells, and solar PV modules. Some of the funds will also go toward general corporate purposes.

After the IPO, the company’s market value is expected to be over ₹43,179 crore if the shares are priced at the upper limit of ₹1,503 per share.

Subscription Breakdown

• 50% of the IPO is set aside for qualified institutional buyers (QIBs).
• 35% is allocated to retail investors.
• 15% is reserved for non-institutional investors (NIIs).
• An additional ₹65 crore worth of shares are reserved for Waaree Energies employees.

Waaree Energies IPO Grey Market Premium (GMP)

Ahead of the IPO launch, Waaree Energies shares are trading at a high premium in the grey market. Analysts report that the shares are currently trading at a premium of ₹1,500, suggesting strong demand from investors.

According to sources, the estimated listing price for the Waaree Energies IPO could be around ₹3,003, which is nearly double the upper IPO price of ₹1,503, marking a 99.8% increase. The grey market premium (GMP) reflects investors’ willingness to pay more than the actual issue price, indicating positive market sentiment.