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| Waaree Energies IPO Full Details |
Waaree Energies, located in Mumbai, offered its shares within a price range of Rs 1,427 to Rs 1,503 each, allowing investors to apply for a minimum of nine shares and in multiples of nine thereafter.
Waaree Energies is set to conclude the allocation criteria for its shares on Thursday, October 24. Bidders can expect to receive notifications, alerts, or emails regarding the deduction of their funds or the cancellation of their IPO mandates by Friday, October 25 at the latest.
The solar company, based in Mumbai, experienced an unprecedented level of interest from investors.
- Waaree Energies conducted its IPO bidding from October 21 to October 23, offering shares within a fixed price range of Rs 1,427 to Rs 1,503, with a minimum purchase requirement of nine shares per lot.
- The company successfully raised Rs 4,321.44 crore through the IPO, which comprised a fresh issuance of shares amounting to Rs 3,600 crore and an offer-for-sale (OFS) of up to 48 lakh equity shares.
- This capital infusion marks a significant milestone for Waaree Energies, enhancing its financial position and supporting its growth initiatives.
- The offering received an impressive overall subscription rate of 76.34 times, driven by significant demand from qualified institutional bidders (QIBs), who subscribed at an exceptional rate of 208.63 times.
- Non-institutional investors (NIIs) demonstrated strong interest as well, with their allocation being subscribed 62.49 times.
- Retail investors and employees participated with subscription rates of 10.79 times and 5.17 times, respectively, throughout the bidding process.
Waaree Energies IPO grey market premium (GMP)
The grey market premium (GMP) for Waaree Energies has experienced a significant increase, driven by a strong interest from investors.
Recently, the company was reported to be trading at a premium of Rs 1,550-1,570 in the unofficial market, reflecting potential returns exceeding 105 percent for investors, positioning it as a promising multibagger opportunity.
Established in December 1990 and based in Mumbai, Waaree Energies is a prominent Indian manufacturer of solar photovoltaic (PV) modules, boasting a total installed capacity of 12 GW.
Its diverse product range includes various solar energy solutions, featuring multicrystalline modules, monocrystalline modules, and TopCon modules.
Brokerage Outlook on Waaree Energies IPO
Brokerages expressed an optimistic outlook on the matter, recommending subscriptions based on the company's solid financial performance, increasing demand for solar energy, substantial market share, future growth prospects, and strategic expansion initiatives, all of which are supported by reasonable valuations.
Nonetheless, significant concerns remain regarding the reliance on China for raw materials, dependence on a limited number of suppliers, and the potential impact of shifts in government policy.
Axis Capital, Jefferies India, IIFL Securities, Nomura Financial Advisory & Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are serving as the book-running lead managers for the Waaree Energies IPO.
Meanwhile, Link Intime India has been appointed as the registrar for this offering.
How To Check Allotment Status of Waaree Energies IPO
- Investors who participated in the Waaree Energies issue can verify their allotment status on the Bombay Stock Exchange (BSE) website by following these steps:
- Navigate to https://www.bseindia.com/investors/appli_check.aspx and select 'Equity' under the issue type.
- Choose 'Waaree Energies Limited' from the dropdown menu, enter your application number and PAN card ID, then complete the captcha and click the search button.
Investors can verify their allotment status through Link Intime India's online portal (https://linkintime.co.in/MIPO/Ipoallotment.html), which serves as the issue's registrar.
- As a Sebi-registered organization, the registrar is authorized to manage the electronic processing of applications and oversee the allotment procedure under the prospectus.
- The registrar is tasked with ensuring timely updates for the electronic credit of shares to successful applicants, managing the dispatch and upload of refunds, and addressing all investor inquiries following the issue.
- Access the Link Intime Limited web portal.
- Choose the IPO/FPO from the dropdown menu, which will appear only after the allotment is confirmed.
Select one of the three identification methods: application number, demat account number, or PAN ID, and specify the application type as either ASBA or non-ASBA.
