Waaree Energies Shares Surge 70% on Market Debut

New Delhi, Oct 28 (PTI) Shares of solar panel maker Waaree Energies Ltd on Monday listed with a premium of nearly 70 per cent against the issue price of Rs 1,503.

The stock made its market debut at Rs 2,550, reflecting a jump of 69.66 per cent from the issue price on the BSE. It further surged 72.98 per cent to Rs 2,600.

At the NSE, the stock listed at Rs 2,500, surging 66.33 per cent.

The company's market valuation stood at Rs 67,866.35 crore.

The initial public offer of Waaree Energies Ltd garnered 76.34 times subscription on the last day of share sale on Wednesday, helped by strong participation from institutional buyers.

The Rs 4,321.44-crore initial share sale had a price band of Rs 1,427 to Rs 1,503 per share.

The IPO was a combination of a fresh issue of equity shares aggregating to Rs 3,600 crore and an Offer-for-Sale (OFS) of 48 lakh equity shares worth Rs 721.44 crore, at the upper end of the price band, by a promoter and existing shareholders.

Proceeds from the fresh issue will be used for setting up the 6 GW (gigawatt) of the Ingot Wafer, Solar Cell and Solar PV module manufacturing facility in Odisha. Besides, a portion will be used for general corporate purposes.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.