Shares of Waaree Renewable Technologies Ltd. jumped 13% to a record high on Monday after its parent company filed for an initial public offer.
Waaree Energies filed a draft red herring prospectus with market regulator SEBI for an IPO, which consists of a fresh issue of shares worth Rs 3,000 crore and an offer for sale of 32 lakh shares of face value Rs 10 each.
Shares of Waaree Renewable Technologies rose 13% to Rs 2,239.00 apiece, the highest level since it was listed on BSE on Aug. 9, 2021. It pared gains to trade 9.04% higher at Rs 2,160.50 apiece as of 10:13 a.m. This compares to a 0.09% decline in the NSE Nifty 50.
It has risen 10.13% on a year-to-date basis. Total traded volume so far in the day stood at 10 times its 30-day average. The relative strength index was at 86.27, which implied the stock is overbought.
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