Waaree Energies Limited, India’s largest solar module manufacturer and exporter, has revealed the price band for its upcoming Initial Public Offering (IPO).
The price has been set between Rs 1427 and Rs 1503 per share. The IPO will open for subscription from October 21, 2024.
In the grey market, the shares of Waaree Energies are trading at a premium, showing an 85% jump.
IPO Details and Key Dates
Waaree Energies’ IPO will be open from October 21 to October 23, 2024. The company aims to raise Rs 3600 crore by issuing 2.4 crore new shares.
Additionally, existing investors and promoters will sell 48 lakh shares through the offer for sale, bringing the total IPO size to Rs 4321.44 crore.
Investors can apply for a minimum of 9 shares, with one lot costing Rs 13,527. Retail investors can apply for up to 14 lots (126 shares), which would amount to Rs 189,378.
Important Dates and Listing Information
Basis of Allotment: October 24, 2024
Refunds: October 25, 2024
Shares credited to Demat: October 25, 2024
Listing Date: October 28, 2024 (on BSE and NSE)
Strong Market Response Expected
Waaree Energies is expected to receive a strong response in the market.
The grey market premium (GMP) for the IPO is Rs 1300, suggesting a possible listing price around Rs 2800, which would represent an 86% increase from the IPO price.
Established in 1990, Waaree Energies has a solar module manufacturing capacity of 12 GW. In the financial year 2023-24, the company earned a revenue of Rs 11,632.76 crore
and made a profit of Rs 1,274.38 crore. Axis Capital Limited, IIFL Securities, Jefferies India, and Nomura are the lead managers for this IPO.
