The shares dropped nearly 10% to Rs 2,294 on BSE after listing on Monday. The stock debuted at Rs 2,550 on the BSE, reflecting a premium of Rs 1,047 or 69.7% over the IPO price of Rs 1503.
“Waaree Energies Limited made a strong listing, reflecting investor confidence in the company’s growth potential and financial stability. Investors may consider booking part profit here, and those who want to hold it for the long term may keep a stop loss of 2000,” said Shivani Nyati, Head of Wealth at Swastika Investmart.
The Rs 4,321 crore IPO received an overwhelming response, attracting bids of Rs 2.41 lakh crore and receiving 97.34 lakh applications—the highest for any IPO in India’s primary market history.
The overall subscription stood at 76 times at close, driven by 208 times subscription in institutional category and 62 times subscription in non-institutional investors’ portion.
The company proposes to use the funds raised from the IPO for key initiatives, including establishing a 6 gigawatt (GW) manufacturing facility for ingots, wafers, solar cells, and PV modules in Odisha, as well as supporting general corporate purposes.Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 2024. For Fiscal 2024, the company had the second best operating income among all the domestic solar PV module manufacturers in India.It is also expanding its footprint by establishing a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.
For FY24, the company’s revenue from operations jumped 69% year-on-year to Rs 11,398 crore, while profit after tax more than doubled to Rs 1,274 crore.
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