Waaree Energies IPO: A Bright Start in the Solar Sector

The initial public offering of Waaree Energies Ltd, a leading solar panel manufacturer, was oversubscribed 3.29 times on its first day. Strong demand from non-institutional and retail investors contributed to the success. The IPO will fund a new manufacturing facility and other corporate purposes.

The initial public offering (IPO) of Waaree Energies Ltd, a prominent solar panel manufacturer, saw substantial interest on its first day, attracting a 3.29 times oversubscription thanks to strong participation from non-institutional and retail investors.

According to NSE data, the Rs 4,321.44 crore IPO received bids for 6,92,83,467 shares against the 2,10,79,384 shares on offer. The portion for non-institutional investors was subscribed 7.98 times, while retail individual investors (RIIs) subscribed 3.16 times. Qualified institutional buyers (QIBs) subscribed to 8 per cent of their quota.

Proceeds from the fresh issue, valued at Rs 3,600 crore, will be directed towards establishing a new 6 GW manufacturing facility for Ingot Wafer, Solar Cell, and Solar PV modules in Odisha, along with other corporate objectives. Waaree Energies' market valuation is pegged at over Rs 4,300 crore post-issue.

(With inputs from agencies.)