Waaree Energies’ shares make remarkable market debut; jump nearly 70%

 The company’s market valuation stood at ₹67,866.35 crore. Photo: Linkedin.com

Shares of solar panel maker Waaree Energies Ltd on Monday (October 28, 2024) listed at a premium of 70%, opening at ₹2,550. The upper price band fixed for its recently concluded IPO was ₹1,503 per share, according to data from the Bombay Stock Exchange (BSE).

After opening at ₹2,550, the stock reached a high of ₹2600 but immediately pared gains going to a low of ₹2,294.55. The renewable energy stock then had restored and closed at ₹2,336.8 a share, which was 8% lower than the listing price.

The company’s IPO was subscribed 76 times the number of shares allotted in total on the third day. Retail investors bid for stocks ten times the allotted size for the category. The metric assumes significance as Indian markets saw their fourth straight losing, dipping 2.42% in the week ending October 25, 2024., according to data from the Centre for Monitoring Indian Economy (CMIE).

Waaree Energies Ltd. is a solar module manufacturing company opened bids for raising ₹4,300 crore as capital through Initial Public Offering (IPO), last week. The issue consisted of a fresh issue of ₹3,600 crore and the rest offered for sale. Most of the proceeds will be used to fund its 6 GW solar ingot wafer cell project costing ₹905 crore, Waaree said in its prospectus filed for the IPO.