Waaree Energies’ shares are trading at a premium of Rs 1,545 above the upper price band of Rs 1,503 per share, resulting in a grey market premium (GMP) of 102.79%. The IPO, valued at Rs 4,321.44 crore, is scheduled to open for public subscription on Monday, October 21, 2024.
Ahead of its upcoming initial public offering (IPO), the unlisted shares of Waaree Energies, a leading green energy company, are trading at a significant premium in the grey market, reflecting strong market interest.
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Grey Market Premium Jumps Over 100%
Market sources indicate that Waaree Energies’ shares are commanding a premium of Rs 1,545 over the upper price band of Rs 1,503 per share, marking a grey market premium (GMP) of 102.79%.
This robust GMP signals a strong potential for listing gains and a positive market response. The IPO is valued at Rs 4,321.44 crore and is set to open for public subscription on Monday, October 21, 2024.
Key Dates for the Waaree Energies IPO
The three-day IPO subscription window will open on Monday, October 21, 2024, and close on Wednesday, October 23, 2024. The basis of allotment for shares is expected to be finalized on Thursday, October 24, 2024, with shares credited to demat accounts on Friday, October 25, 2024.
Waaree Energies’ shares are anticipated to list on the BSE and NSE on Monday, October 28, 2024.
IPO Structure and Pricing Details
Waaree Energies’ IPO will consist of a fresh issue of 23,952,095 shares along with an offer for sale, where promoters and shareholders will offload up to 4,800,000 shares of Rs 10 face value. The company has set the price band between Rs 1,427 and Rs 1,503 per share, with a minimum lot size of 9 shares.
Retail investors can bid for a minimum of 9 shares, amounting to Rs 13,527 at the upper price band. For small non-institutional investors (sNIIs), the minimum investment is 15 lots or 135 shares, amounting to Rs 202,905, while for big non-institutional investors (bNIIs), it is 74 lots or 666 shares, aggregating to Rs 1,000,998.
Where Will be The Money Raised By IPO Used?
The company plans to use the proceeds from the fresh issue to finance part of the costs for setting up a 6 GW Ingot Wafer, Solar Cell, and Solar PV Module manufacturing facility in Odisha through its wholly owned subsidiary, Sangam Solar One. The remaining funds will be allocated for general corporate purposes.
Lead Managers and Registrar of Waaree Energies IPO
Link Intime India is the registrar for the Waaree Energies IPO, while Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital are the book-running lead managers of the public issue.
About Waaree Energies
Founded in 1989, Waaree Energies is India’s largest solar module manufacturer, boasting a capacity of 12 GW. The company offers a comprehensive range of solar solutions, including modules, inverters, batteries, and solar rooftops.
Waaree operates four manufacturing facilities in India and has a presence in over 388 national and 68 international locations. As a vertically integrated company, Waaree has expanded its manufacturing capabilities by acquiring Indo Solar, which has increased its capacity to 5.4 GW.
