Waaree Energies IPO GMP Soars Over 100% Ahead Of Oct. 21 Opening
Shares of Waaree Energies are likely to be listed on BSE and NSE on Oct. 28.
The initial public offering from Waaree Energies Ltd. has been gathering significant interest in the grey or unofficial market ahead of the subscription period. The mainboard IPO is set to open for subscription between Oct. 21 and Oct. 23.
The grey market premium for IPO soared over 100% on Thursday after it announced the price band for the issue on Wednesday.
Waaree Energies IPO GMP skyrocketed to Rs 1,545 at 8:30 a.m. on Oct. 17. According to data on the InvestorGain website, Waaree Energies' shares are expected to list at Rs 3,048 apiece, marking a massive 102.79% premium over the issue price.
Note: Investors must note that the GMP of a stock is highly speculative and may not be a true indicator of the listing price of IPO shares.
Waaree Energies IPO Price Band Details
The price band for the solar panel manufacturer's IPO has been set between Rs 1,427 and Rs 1,503 apiece.
Retail investors can bid for a minimum of nine shares, which will entail an investment of Rs 13,527 at the upper price band of the issue.
About Waaree Energies IPO
The IPO from Waaree Energies, the parent entity of listed company Waaree Renewable Technologies Ltd., will be open for subscription by retail public offering on Oct. 21. The anchor book round will open for subscription on Oct. 18.
The offer is a mix of a fresh issue of 2.4 crore shares worth Rs 3,600 crore and an offer for sale of 48 lakh shares with a face value of Rs 10.
The share allotment of Waaree Energies IPO is expected to be finalised on Oct. 24. Link Intime India Pvt. is the registrar for the issue.
The book-running lead managers of the public issue include Axis Capital Ltd., IIFL Securities Ltd., Jefferies India Pvt., Nomura Financial Advisory And Securities India Pvt., SBI Capital Markets Ltd., Intensive Fiscal Services Pvt., and ITI Capital Ltd.
Shares of Waaree Energies are likely to be listed on BSE and NSE on Oct. 28.
The company will use the IPO proceeds to fund its capital expenditure to set up a fully integrated 6-GW facility in Odisha.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
