Wari Energies’ IPO has received a fantastic response from investors. The company’s shares are also gaining attention in the grey market, trading at a premium of about 100%.
This high grey market premium (GMP) suggests that Wari Energies’ shares might start strongly in the stock market. The shares are set to be listed on the BSE and NSE on Monday, October 28.
Expected Listing Price Above Rs 3000
The share price for Wari Energies’ IPO is Rs 1,503. Currently, the company’s shares are trading at a premium of Rs 1,500 in the grey market.
Based on this grey market premium, Wari Energies’ shares could be listed at around Rs 3,003. This means investors who received shares in the IPO can expect a profit of about 100% on the listing day.
The total size of Wari Energies’ public issue was Rs 4,321.44 crore. Before the IPO, the promoters held 71.80% of the company, which will now decrease to 64.30%.
High Subscription Rates
Wari Energies’ IPO was subscribed over 79 times in total. The retail investors’ share of the IPO was subscribed 11.27 times.
In the non-institutional investors (NII) category, it was subscribed 65.25 times, while Qualified Institutional Buyers (QIB) showed a remarkable subscription rate of 215.03 times.
Additionally, the employees’ quota in the IPO was subscribed 5.45 times. Retail investors could bid for a minimum of 1 lot and a maximum of 14 lots, with each lot consisting of 9 shares.
Therefore, retail investors needed to invest at least Rs 13,527 to participate in the IPO.
Company Background
Wari Energies was established in December 1990 and specializes in manufacturing solar PV modules. The company has an installed capacity of 12 GW and operates four manufacturing facilities as of June 30, 2023.