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Waaree Energies IPO 2024: Is this Indian solar panel maker a good investment?

by admin October 21, 2024
October 21, 2024
Waaree Energies IPO 2024: Is this Indian solar panel maker a good investment?

The initial public offering (IPO) of Waaree Energies Ltd, one of India’s leading solar panel manufacturers, has generated significant interest in the market.

On the first day of its opening, October 21, the IPO saw strong demand, particularly in the non-institutional investor (NII) category, with a subscription of 1.18 times by 10:51 am IST.

Retail investors showed steady participation, while grey market activity hints at robust listing gains, with a grey market premium (GMP) indicating over 100% returns. The primary focus now is on whether the IPO can sustain this momentum and prove to be a lucrative investment.

Waaree Energies IPO GMP today’s price

Today, the price of Waaree Energies’ IPO GMP is an important indicator for potential investors.

According to market observers, shares are trading at a grey market premium of Rs 1,510 above the issue price, reflecting investor confidence in the company’s growth prospects.

The GMP has been fluctuating but currently points towards an impressive 100.47% expected listing gain.

The IPO price band is set between Rs 1,427 and Rs 1,503 per share, making it an attractive option for those eyeing potential short-term gains.

Strong subscription and investor interest

As of the first day, the Waaree Energies IPO received bids for 1,09,13,427 shares against the 2,02,56,207 on offer, translating to 0.54 times the overall subscription.

While the retail portion was subscribed 0.57 times, the NII category was oversubscribed, indicating heightened interest from wealthy investors.

However, the qualified institutional buyer (QIB) portion remains unsubscribed as of now, which could change in the coming days as more institutional investors enter the fray.

Waaree Energies: key dates and IPO structure

The IPO, open from October 21 to 23, will finalize its share allotment on October 24, with listing on the BSE and NSE expected on October 28.

The IPO size stands at Rs 4,321 crore, comprising a fresh issue worth Rs 3,600 crore and an offer for sale (OFS) of 48 lakh shares.

A portion of the proceeds will be used to set up a manufacturing facility in Odisha, further strengthening Waaree Energies’ position in India’s renewable energy sector.

Analysts’ recommendations on Waaree Energies IPO

Most brokerages, including Geojit Financial Services, Anand Rathi, and Swastika, have given a ‘subscribe’ rating for Waaree Energies IPO, citing its strong order book, focus on backward integration, and the booming solar energy market.

The company’s market valuation post-issue is expected to be over Rs 4,300 crore, and it is positioned to benefit from favorable government policies and global shifts toward renewable energy.

The GMP of Waaree Energies IPO is a crucial factor for those considering investment.

The grey market serves as an unofficial barometer of investor sentiment and can often indicate potential listing day performance.

As Waaree Energies continues to gain traction in the renewable energy space, its IPO is seen as a promising opportunity for both short-term gains and long-term growth. This could be an appealing proposition for investors.

The post Waaree Energies IPO 2024: Is this Indian solar panel maker a good investment? appeared first on Invezz

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