The market is buzzing about Waaree Energies’ initial public offering (IPO), and investors are very interested. The listing is anticipated to generate significant benefits even if the grey market premium (GMP) has somewhat decreased. What you should know is as follows:
Waaree Energies IPO Subscription
Subscriptions for Waaree Energies’ initial public offering (IPO) exceeded 13 times by midday on the last day, demonstrating the tremendous response to the offering. Today marks the end of the initial public offering, which began on October 21 and is valued at Rs 4,321.44 crore. A new offer and a sale offer totalling 23.95 million shares are included in the issue. The price range for each share is Rs 1,427 to Rs 1,503.
Grey grocery superior (gmp)
Waaree Energies’ GMP increased to Rs 1,510, signifying more than 100% listing gains. Even though the premium has somewhat decreased to Rs 1,375, gains of more than 90% are still anticipated.
Allotment and list dates
By October 24, investors should expect the share allocation procedure to be finished, and on Friday, October 25, shares will be credited to their demat accounts. On Monday, October 28, Waaree Energies is scheduled to debut on the NSE and BSE stock markets.
Market Effectiveness
As of the last update, Waaree Energies’ IPO has been oversubscribed by 9.48 times, with the highest participation coming from non-institutional investors (NIIs), who have subscribed 26.52 times. Retail investors followed with 6.81 times, while Qualified Institutional Buyers (QIBs) subscribed 1.74 times.
Purpose of the IPO
The proceeds from the IPO will be used to fund a 6 GW manufacturing facility in Odisha, which will produce ingots, wafers, solar cells, and PV modules. A portion of the funds will also go toward general corporate purposes.
About Waaree Energies
One of the biggest solar energy firms in India, Waaree Energies was founded in 2007 and focusses on solar PV modules and EPC services. The company is currently present in 68 countries and has a 2 GW production capacity; by 2025, it hopes to increase to 5 GW.
Important Takeaways:
Waaree Energies IPO is oversubscribed 13 times when closing.
GMP indicates expected listing gains of over 90%.
Allotment on October 24 listing on October 28.
Proceeds to fund solar energy manufacturing expansion.
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