Waaree Energies IPO: After receiving a record-breaking response from investors, Waaree Energies is gearing up to finalize the share allotment today
Waaree Energies Share Allotment: India's largest solar panel manufacturer, Waaree Energies, saw an overwhelming response during its bidding period. The company witnessed a record 97.34 lakh application, which is the highest ever for any IPO (Initial public Offering). The allotment date is expected today, October 24, as the company prepares to finalise the share allotment process.
After Hyundai Motors’ IPO muted performance, many on D-Street thought that the primary market wave might be losing steam. However, Waaree Energies seems to have reignited investor confidence. With its record-breaking number of applications, Waaree Energies' IPO has even outpaced Tata technologies and Bajaj Housing Finance.
GMP (Grey Market Premium) indicates the price at which the company’s shares are trading before they officially hit Dalal Street.
Since the IPO announcement, Waree Energies has been witnessing a bullish trend in the grey market with premium going as high as over 90 per cent. At 8:40 am, the shares of the solar panel manufacturer were trading at a premium of Rs 1560 price level, which is 103 per cent above the issue price.
Waaree Energies holds the top spot in India with a solar module capacity of 12 GW, nearly 1.9 times larger than that of its closest competitor. The company currently runs five manufacturing plants and offers multicrystalline, monocrystalline and TopCon modules as part of its product portfolio.
The IPO saw strong investor interest, with the retail portion subscribed 10.79 times, the non-institutional investors section seeing 62.49 times subscription and the qualified institutional buyers category oversubscribed by an impressive 208.63 times.
While most brokerages have issued a positive rating for the IPO, largely owing to its strong financial performance and increasing demand for green energy, concerns about dependence on China remain one of the key issue.