Waree Energies IPO subscribed over 8x on day 2 of issue, NII portion booked highest; Latest GMP here | Stock Market News

Waree Energies IPO: The initial public offering (IPO) of the solar PV module manufacturer Waaree Energies Limited was subscribed to over eight times on the second day of the issue. The mainboard IPO opened for subscription on Monday, October 21, 2024, and will close on Wednesday, October 23, 2024.

Waree Energies IPO aims to raise ₹4,321.44 crore via a fresh issue and an offer-for-sale (OFS). Waaree Energies IPO has set aside 50 per cent of the shares for qualified institutional buyers (QIB), 15 per cent for non-institutional investors (NII), and 35 per cent for retail investors. The portion reserved for the employees consists of a maximum of 650 million equity shares.

Also Read: Waaree Energies IPO: Price band set at ₹1,427-1,503 per share; check GMP, issue details, more

Waree Energies IPO Subscription Status

On the second of the issue, Waree Energies IPO was subscribed 8.81 times. According to BSE data, the portion reserved for QIBs was booked 1.73 times, the portion reserved for NIIs was booked the highest at 24.38 times, and the portion reserved for retail investors was booked 6.39 times. The employee portion was booked 3.11 times. The IPO received 18,58,11,795 share applications against 2,10,79,384 shares offered on Tuesday. On the first day, the IPO was booked 3.47 times.

Waree Energies IPO Latest GMP

According to stock market experts, the Waree Energies IPO GMP, or grey market premium, dropped to ₹1,375 per share today, which shows subdued interest among investors. Waree Energies’ shares are trading at ₹2,878 in the grey market, a premium of 91.48 per cent to the issue price of ₹1,503 per share. According to investorgain.com, the lowest GMP is Re 0, while the highest is ₹1,545. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

Also Read: Waree Energies IPO: Firm mobilises ₹1,277 crore from anchor investors ahead of subscription

Waree Energies IPO Details

Waree Energies IPO is a combination of a fresh issue of equity shares aggregating to ₹3,600 crore and an OFS of 48 lakh equity shares worth ₹721.44 crore at the upper end of the price band by a promoter and existing shareholders. This translates into a total size of ₹4,321.44 crore. 

Waaree Energies IPO price band has been fixed in the range of ₹1,427 to ₹1,503 per equity share with a face value of ₹10. In the public issue, shares valued ₹65 crore have been reserved for the solar panel maker’s employees. Under the upcoming OFS, promoter Waaree Sustainable Finance Private Limited and shareholder Chandurkar Investments Private Limited are offloading shares.

Proceeds from the fresh issue will be used to set up the 6GW (gigawatt) Ingot Wafer, Solar Cell, and Solar PV module manufacturing facility in Odisha. A portion will also be used for general corporate purposes.

Tentatively, Waaree Energies IPO’s share allotment basis will be finalised on Thursday, October 24. The company will iniate refunds on Friday, October 25. The shares will be credited to the Demat account of allottees on the same day following the refund. Waaree Energies’ share price will likely be listed on BSE and NSE on Monday, October 28.

Also Read: Waaree Energies IPO to open for subscription on October 21; Check out 10 key things to know from RHP

Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India) Private Ltd, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book-running lead managers to the issue. JFSL is promoted by Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited, which are both individuals and entities.

Waree Energies Ltd Company Details

The company’s market valuation has been pegged at over ₹4,300 crore post-issue at the upper end of the price band. Established in December 1990, Waaree Energies Limited is an Indian firm that manufactures solar PV modules and operates with a combined installed capacity of 12 GW.

The assortment of solar energy products includes Multicrystalline modules, Monocrystalline modules, and TopCon modules, which consist of flexible bifacial modules (Mono PERC) in both framed and unframed versions, as well as building-integrated photovoltaic (BIPV) modules.

Waaree Energies, one of India’s major players in the solar energy industry, is focused on PV module manufacturing. As of June 30, 2023, its aggregate installed capacity was 12 GW. It operates five manufacturing facilities, one each at Surat, Tumb, Nandigram, and Chikhli in Gujarat and the IndoSolar Facility in Noida, Uttar Pradesh.