 "Final Hours! Waaree Energies IPO closes today: GMP up 91%; should you bid?")
Waaree Energies IPO: The initial public offering of Waaree Energies, which opened for public subscription on Monday, October 21, 2024, is set to conclude today. Waaree Energies IPO is a book-built issue of Rs 4,321.44 crore, comprising a fresh issue of 23,952,095 shares and an offer for sale of 23,952,095 shares, with a face value of Rs 10 apiece.
Waaree Energies IPO subscription status
Available at a price band of Rs 1,427-Rs 1,503 per share, with a lot size of 9 shares, the public issue has so far received a favourable response from investors who have applied for 19,97,32,239 shares against 2,107,938 offered, resulting in an oversubscription of 9.48 times, as of 10:18 AM on Wednesday, October 23, 2024, as per the NSE data.
Waaree Energies IPO received the highest participation from Non-Institutional Investors (NIIs), who have subscribed for 26.52 times, followed by retail investors who bid for 6.81 times. Meanwhile, the quota reserved for Qualified Institutional Buyers (QIBs) has been subscribed 1.74 times.
Waaree Energies IPO grey market premium (GMP)
The unlisted shares of Waaree Energies continue to command a solid premium in the grey market, reflecting favourable market sentiments for the public issue. Sources tracking grey market activities reveal that Waaree Energies shares were trading at a premium of Rs 1,375 against the upper end of the IPO price of Rs 1,503, a GMP of 91.48 per cent. GMP usually serves as a market sentiment indicator, helping investors gauge IPO demand, and potential listing price. A high GMP usually suggests strong market demand and potential for listing gains.
Waaree Energies IPO review
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Waaree Energies IPO allotment, listing date
The three-day subscription window to bid for the Waaree Energies IPO will close today. Thereafter, the basis of allotment for the Waaree Energies IPO shares is likely to be finalised on Thursday, October 24, 2024, and subsequently, the company’s shares are expected to be credited to demat accounts on Friday, October 25, 2024.
Waaree Energies shares are likely to list on BSE and NSE on Monday, October 28, 2024.
About Waaree Energies
Waaree Energies is a leading Indian solar energy company, specialising in solar PV modules and EPC services. Founded in 2007, Waaree Energies has grown to become one of India's largest solar module manufacturers. With a global presence in 68 countries, Waaree Energies offers a range of solar products and solutions for residential, commercial, and industrial sectors. The company has an installed capacity of over 2 GW and aims to expand its manufacturing capacity to 5 GW by 2025.