Waaree Energies Shares End At 56% Premium Over Issue Price

The share price of Waaree Energies Ltd. ended on the BSE on Monday at Rs 2,341 per share, a premium of 55.7% over the issue price of Rs 1,503 apiece. The stock closed at Rs 2,345 apiece on the National Stock Exchange, marking a premium of 56%.

The scrip debuted on the BSE and the NSE at a premium of 69.66% and 66.3%, respectively.

The initial public offering of Waaree Energies—the parent entity of listed company Waaree Renewable Technologies Ltd.—was subscribed 76.34 times on its final day of bidding, led by qualified institutional buyers. It received the highest number of applications at the upper price band ever received for book-build issues.

The IPO was a mix of a fresh issue of shares worth Rs 3,600 crore and an offer for sale of 48 lakh shares of face value of Rs 10 each. The Rs 4,321-crore IPO saw a total demand of Rs 2.4 lakh crore. Promoter Waaree Sustainable Finance Pvt. offloaded 43.5 lakh shares via OFS. Chandurkar Investments Pvt. sold 4.5 lakh shares or its entire 0.17% stake.

The retail portion which received bids from over 88 lakh applications saw 13.11 lakh applications as ineligible after scrutiny by the registrar and transfer agent.

Retail category was subscribed 11.06 times, Small-NII category was subscribed 52.49 times, the Large-NII category saw demand of 70.73 times and QIB was subscribed 214.7 times.

Waaree Energies, founded in 1990 and headquartered in Mumbai, is the parent company of listed Waaree Renewable Technologies. The company has India's largest aggregate solar module manufacturing installed capacity of 12 gigawatts and enjoyed a domestic market share of 20% in fiscal 2024.

The company will be using around Rs 2,750 crore of the net IPO proceeds to enhance its capacity. The company will be setting up a 6 GW ingot wafer, solar cell and solar module facility. The company's total solar module capacity stands over 13 GW currently, which it aims to grow to over 20 GW by fiscal 2027.

The company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are spread across Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.