Shares of Waaree Energies as compared to expectations have re-emerged slightly from the debt today. On BSE, the stock facing an IPO issue price of Rs 1,490.7 is listed at Rs 1,510, a soft premium of more than 1 percent over the previous close.
The leading producer of solar PV modules, is set to make its first market soon, October 28, following a record-breaking response from investors. With a strong base in the renewable energy market and strong financial backing, this IPO listing is expected to generate huge interest on both the BSE and NSE.
The IPO, which was open for registration from October 21 to October 23, raised Rs 4,321.44 crore. It included a fresh issue of 2.4 crore shares worth Rs 3,600 crore and an offer for sale (OFS) of 48 lakh shares, amounting to Rs 721.44 crore. Fixed at a price band of Rs 1,427 to Rs 1,503 per share, the issue witnessed extraordinary demand, resulting in an oversubscription rate of 76.34 times. Investor interest has been driven by Waaree Energies’ strong position in the solar sector and the growing demand for renewable energy solutions.
According to industry experts, with its shares expected to trade from 10:00 AM in the Special Pre-open Session (SPOS), the listing is expected to provide investors with the benefits of being listed.
Market buzz and expert recommendations
Market veteran Anil Singhvi expressed optimism about Waaree Energies’ market debut. “The high investor interest we are seeing is in line with Waaree’s growth, making it a first-time exposure to debt. Investors may consider holding the stock with a stop-loss strategy around Rs 2,600, which allows for profit booking as valuations grow post-listing,” Singhvi suggested.
Investors’ perspective and strategies for listing
With a strong investor base built during the IPO phase, Waaree Energies stock is expected to deliver strong listing gains. Shivani Nyati, Head of Wealth at Swastika Investmart, emphasized that “Waaree Energies’ huge response and huge capital raised underlines its growth potential. Long-term investors can find great value here, given the company’s position in the renewable space and the growing demand for solar solutions in India. Nyati also advises short-term investors to consider booking part of the profit if the stock sees a significant increase on the day of listing.
Key data points for investors
– Subscription numbers: Waaree Energies’ IPO attracted bids worth over Rs 2.41 lakh crore, underscoring huge interest from all categories of investors.
– Category subscriptions: The IPO received 10.79 times in the Sales category, 62.49 times in the Non-Institutional Investors (NII) category, and 208.63 times in the Qualified Institutional Buyers (QIB) category.
– Lead Managers: Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital Ltd managed the issue.
Waaree Energies’ listing today is poised to demonstrate its strong demand and growth potential, making it a noteworthy event for market watchers and renewable energy enthusiasts alike.
Investors are encouraged to remain vigilant about market volatility but can view this listing as a strong entry into India’s green energy transition.
