Waaree Energies IPO: Great response, allotment date and investor excitement ahead of listing
Mumbai-based solar power company Waaree Energies received a historic response for its IPO. The company offered its shares in the price band of Rs 1,427-1,503. The IPO allotment will take place on October 24, and the listing date of the shares is eagerly awaited. The grey market premium (GMP) of the company is indicating tremendous returns.
INDC Network : Business: Mumbai-based solar power company Waaree Energies recently launched its IPO, which received an overwhelming response from investors. The IPO was open between October 21 and 23, and the company offered its shares in the price band of Rs 1,427-1,503 per share. The minimum lot size was nine shares, and the company raised a total of Rs 4,321.44 crore through this IPO. The amount comprises fresh share sale of Rs 3,600 crore and an offer for sale (OFS) of 48 lakh equity shares.
Process and date of allotment
The last date for allotment of shares of Vri Energies has been fixed on October 24. Investors will get the notification of debit of their funds or cancellation of IPO mandate by October 25. You can check the allotment status on the BSE website or Link Intime India portal. For this, you will have to provide your application number and PAN card ID .
To check allotment status on BSE website:
- Go to the BSE link .
- Select “Equity” in the Issue Type.
- Select Wari Energies Limited.
- Enter the application number and PAN card details.
- Click on 'I am not a robot' and press the search button.
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Historical response and subscription data
The IPO was subscribed a total of 76.34 times , with the highest bids coming from qualified institutional bidders (QIBs) , who booked it 208.63 times . Further, the portion of non-institutional investors (NIIs) was booked 62.49 times , while the portion of retail investors was booked 10.79 times and the portion of employees was booked 5.17 times .
Grey market premium and potential listing gains
The grey market premium (GMP) of Wari Energies has seen a huge jump. The company's premium in the unofficial market is running between Rs 1,550-1,570 , indicating a return of more than 105 percent for investors . With this jump, this IPO can prove to be another multibagger.
Company Profile and Future Prospects
Founded in 1990 in Mumbai, Waaree Energies is a leading Indian manufacturer of solar PV modules with a total installed capacity of 12 GW . The company's product portfolio includes multicrystalline modules, monocrystalline modules , and Topcon modules . Brokerage houses have recommended subscribing to this IPO based on strong financial performance , growing solar energy demand, and strong market share . However, concerns such as dependence on China for raw materials and changes in government policies also remain.
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