Waaree Energies IPO: Money can double on listing! Share running continuously in the GMP; opening on October 21
Waaree Energies IPO: The IPO of Waaree Energies Limited, which manufactures solar PV modules, is going to open on October 21. The company wants to raise Rs 4,321.44 crore from this. Even before the opening of the IPO, the company’s stock in the gray market is indicating strong listing gains. According to investorgain.com, shares of Waaree Energies are trading at a premium of Rs 1470 or 97.80% over the IPO’s upper price band of Rs 1503 in the grey market. On this basis, the shares can be listed at a price of Rs 2973. The grey market is an unauthorised market where shares of a company trade till its listing.
Money can be invested in Waaree Energies IPO till October 23. The company raised Rs 1,276.93 crore from anchor investors on October 18. After the IPO closes, the shares will be listed on BSE, NSE on October 28. After the IPO closes, the allotment can be finalised on October 24.
What is the price band and lot size
The price band for bidding has been fixed at Rs 1427-1503 per share. The lot size has been kept at 9 shares. Waree Energies IPO will issue 2.4 crore new shares worth Rs 3,600 crore. There will also be an offer for sale of 48 lakh shares worth Rs 721.44 crore. Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities, SBI Capital Markets, Intensive Fiscal Services and ITI Capital are the book running lead managers to the issue. Link Intime India Private Limited is the registrar.
The promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi and Waree Sustainable Finance Private Limited. The money raised by issuing new shares in the Waree Energies IPO will be used by the company to partially finance the cost of setting up a 6GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha and for general corporate purposes.
Waaree Energies Financial Status
Waree Energies’ revenue grew 70% to Rs 11,632.76 crore in FY 2023-24. It was Rs 6,860.36 crore a year ago. Net profit grew 155% to Rs 1,274.38 crore from Rs 500.28 crore in FY 2023. In the April-June 2024 quarter, the company’s revenue was Rs 3,496.41 crore and net profit was Rs 401.13 crore.
