Following a strong debut at a premium of Rs 1,047 or 70%, the stock has surged over 80% from its issue price of Rs 1,503 per share.
The stock debuted at Rs 2,550 on the BSE.
The Rs 4,321 crore IPO had received an overwhelming response, attracting bids of Rs 2.41 lakh crore and receiving 97.34 lakh applications—the highest for any IPO in India’s primary market history.
The overall subscription stood at 76 times at close, driven by 208 times subscription in institutional category and 62 times subscription in non-institutional investors’ portion.”Waaree Energies Limited made a strong listing, reflecting investor confidence in the company’s growth potential and financial stability. Investors may consider booking part profit here, and those who want to hold it for the long term may keep a stop loss of 2000,” said Shivani Nyati, Head of Wealth at Swastika Investmart.Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW, as of June 2024. For Fiscal 2024, the company had the second best operating income among all the domestic solar PV module manufacturers in India.Also read: Elcid Investments shares hit 5% upper circuit, continues record-breaking surge
It is also expanding its footprint by establishing a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities.
For FY24, the company’s revenue from operations jumped 69% year-on-year to Rs 11,398 crore, while profit after tax more than doubled to Rs 1,274 crore.
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