Waaree Energies Shines on Market Debut with 70% Premium Listing

Waaree Energies Ltd, a leading solar panel manufacturer in India, saw its shares soar nearly 70% on market debut. The IPO was well-received, with a 76.34 times subscription. Funds raised will aid the expansion of their manufacturing facility in Odisha. Waaree Energies aims to bolster its position in the solar energy sector.

Shares of solar panel manufacturer Waaree Energies Ltd debuted on the stock market with a striking 70% premium over its issue price of Rs 1,503. The initial listing saw the price leap to Rs 2,550 on the BSE, showcasing a robust market interest.

At the National Stock Exchange, shares were introduced at Rs 2,500, marking a surge of 66.33% from the issue price. The company's valuation reached Rs 67,866.35 crore, fueled by strong institutional buyer interest that led to the IPO being oversubscribed by 76.34 times.

Waaree Energies plans to utilize the capital from this IPO to establish a 6 GW Ingot Wafer, Solar Cell, and Solar PV module manufacturing unit in Odisha. Additionally, a portion of the proceeds will be allocated for general corporate uses, securing Waaree's stance as a key player in India's solar energy landscape.

(With inputs from agencies.)