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Waaree Energies IPO Day 2: GMP up 100%, subscription soars 5x; invest now?

The unlisted shares of Waaree Energies continue to command a solid premium in the grey market, reflecting favorable market sentiments for the public issue.

Amit Paithankar, CEO, Waaree Energies at IPO Press Conference in Mumbai

(Photo: Kamlesh Pednekar)

Kumar Gaurav New Delhi

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Waaree Energies IPO subscription status: The initial public offering (IPO) of Waaree Energies continues to garner a favorable response from investors on the second day of its opening. Waaree Energies’ IPO, which opened for public subscription yesterday, has so far received bids for 10,80,25,128 shares from investors against 2,10,79,384 shares offered, resulting in an oversubscription of 5.22 times, till around 11:27 AM on Tuesday, as per NSE data.

Non-Institutional Investors (NIIs) have placed the highest bid for the Waaree Energies IPO, subscribing for 13.34 times, followed by retail investors who bid for 4.57 times. Meanwhile, the quota reserved for Qualified Institutional Buyers (QIBs) has received bids for 5,26,113 shares against 58,37,757 shares offered for that category, resulting in a subscription of 0.09 times.
 

That said, the unlisted shares of Waaree Energies continue to command a solid premium in the grey market, reflecting favorable market sentiments for the public issue. Sources tracking grey market activities reveal that Waaree Energies shares were trading at a premium of Rs 1,500, against the upper end of the IPO price of Rs 1,503, a GMP of 99.80 per cent, as of 11:40 AM on Tuesday, October 22, 2024.

Waaree Energies IPO details
Waaree Energies' IPO comprises a fresh issue of 23,952,095 shares and an offer for sale, with promoters and shareholders offloading up to 4,800,000 shares with a face value of Rs 10 apiece. The public issue is at a price band of Rs 1,427-Rs 1,503 per share with a lot size of 9 shares. Accordingly, investors can bid for a minimum of 9 shares and in multiples thereof.

The three-day subscription window to bid for the Waaree Energies IPO is set to close tomorrow, on October 23, 2024. The basis of allotment for the Waaree Energies IPO shares is expected to be finalized on Thursday, October 24, 2024, and the company’s shares will be credited to demat accounts on Friday, October 25, 2024.

Waaree Energies shares will tentatively make their market debut on Monday, October 28, 2024, by listing on the BSE and NSE.

Should you subscribe to Waaree Energies IPO?
Brokerages including Anand Rathi Research, Reliance Securities, Geojit, Swastika Investmart, and InCred Equities remain upbeat on the Waaree Energies IPO. READ MORE

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First Published: Oct 22 2024 | 12:07 PM IST

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