The Waaree Energies IPO is set to finalize share allotments today, October 24, 2024. With a market valuation exceeding ₹4,300 crore post-issue at the upper end of the price band, this IPO has generated significant interest among investors. As one of the leading players in India’s solar energy sector, Waaree Energies is poised for substantial growth.
Overview of Waaree Energies IPO
The Waaree Energies IPO received an impressive 97.34 lakh applications, making it one of the highest-ever in terms of demand. The public offer attracted a staggering subscription of over ₹2.41 lakh crore, concluding with a 76.34 times oversubscription. The IPO, valued at ₹4,321.44 crore, saw bids for 160 crore shares against the 2.10 crore shares on offer. Prior to the public offering, Waaree Energies raised ₹1,277 crore from anchor investors, with a price band set between ₹1,427 and ₹1,503 per share.
Grey Market Premium (GMP) Insights
The Waaree Energies IPO has sparked considerable interest in the grey market, with its GMP initially soaring to a range of ₹1,500 – ₹1,510 last week, indicating potential listing gains exceeding 100%. However, the GMP has recently adjusted to about ₹1,370 – ₹1,375, suggesting robust but slightly moderated expectations for listing gains still above 90%. This fluctuation in GMP reflects market sentiment and investor confidence in Waaree Energies’ future performance.
Steps to Check Allotment Status
Investors who subscribed to the Waaree Energies IPO can check their allotment status through the official registrar’s website, Link Intime, or on the Bombay Stock Exchange (BSE). Here’s how:
Steps to Check Allotment Status on Registrar’s Website:
- Visit the registrar’s website.
- Select ‘Waaree Energies’ from the dropdown menu.
- Choose either ‘Application No., Demat Account or PAN’ and fill in the required details.
- Enter the Captcha code and click on ‘Submit’.
Your allotment status will then be displayed on your screen.
Steps to Check Allotment Status on BSE:
- Go to the BSE allotment link: BSE Allotment Status.
- Select ‘Equity’ in the issue type option.
- Choose ‘Waaree Energies’.
- Enter your application number or PAN details.
- Click on “I’m not a robot” and then hit ‘Search’.
Steps to Check Allotment Status on NSE:
- Visit the NSE allotment link: NSE Allotment Status.
- Click on ‘Click here to sign up’ and provide your PAN.
- Enter your username, password, and Captcha code.
- Verify your IPO allocation status after being redirected.
Future Plans and Use of Proceeds
Proceeds from this IPO will primarily be utilized for setting up a 6 GW manufacturing facility for ingot wafers, solar cells, and solar PV modules in Odisha. This facility aims to enhance Waaree’s production capacity and meet increasing demand for solar energy solutions in India.Additionally, funds will be allocated for general corporate purposes, which may include research and development initiatives aimed at improving solar technology efficiency and expanding market reach.Waaree Energies is recognized as one of India’s leading players in solar energy production, boasting an installed capacity of 12 GW as of June 30, 2023. The company operates five manufacturing facilities across India—located in Surat, Tumb, Nandigram, Chikhli in Gujarat, and the IndoSolar Facility in Noida, Uttar Pradesh—positioning itself strategically to cater to both domestic and international markets.
Market Context and Importance of Solar Energy
The Indian solar energy market has been experiencing rapid growth due to government initiatives promoting renewable energy sources as part of its commitment to reduce carbon emissions and combat climate change. The National Solar Mission aims to achieve 100 GW of solar power capacity by 2022 and 300 GW by 2030.As a major player in this sector, Waaree Energies is well-positioned to benefit from these initiatives and contribute significantly to India’s renewable energy goals.
Conclusion
As Waaree Energies finalizes its share allotments today, investor anticipation remains high regarding potential listing gains and future growth prospects within the solar energy sector. The strong subscription numbers reflect growing confidence in renewable energy investments in India and highlight Waaree’s strategic importance in this evolving landscape.
