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Waaree Energies IPO - Listing Date, GMP & Subscription

Waaree Energies Ltd IPO listing date: Oct 28, 2024 on NSE, BSE. Listed at ₹2550 (+70.2%) vs issue price of ₹1503. Subscribed 76.34x overall (QIB: 197.54x). Price band: ₹1,427-₹1,503, lot size 9 shares.

sHQ

stoicHQ Research Team · Ex-quants, IIT Delhi · Updated Oct 27, 2024

Key Dates

IPO Open DateOct 21, 2024

IPO Close DateOct 23, 2024

Allotment DateOct 24, 2024

Refund DateOct 25, 2024

Demat Credit DateOct 25, 2024

Listing DateOct 28, 2024

Issue Details

Price Band₹1,427-₹1,503

Issue Price₹1503

Face Value₹10

Lot Size9 shares

Min Investment₹13,527

Issue Size₹4,321 crore

Listing ExchangeNSE, BSE

RegistrarLink Intime India

IPO TypeMainboard

stoicHQ Analysis

✓India's largest solar module manufacturer

✓197x QIB subscription

✓70% listing gain

✓Strong export revenue

⚠Chinese panel price deflation pressure

⚠Customer concentration risk

About Waaree Energies Ltd

Waaree Energies is India's largest solar module manufacturer by installed capacity, with 13.3 GW manufacturing capacity. Exports to 68+ countries.

Subscription Breakdown

Overall Subscription76.34x

QIB (Institutional)197.54x

NII (HNI)114.48x

Retail22.11x

Listing Price

₹2550

Listing Gain

+70.2%

Issue Price

₹1503

stoicHQ Analysis

Exceptional 70.2% listing gain driven by India's largest solar module manufacturer positioning. QIB demand of 197x reflected strong institutional conviction in the solar capex cycle. GMP tracked upward strongly in the week before listing.

Renewable Energy / Solar2024All 2024 IPOs

IPO Listing Timeline

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Waaree Energies IPO GMP - Historical Grey Market Premium

GMP is an unofficial market price. For educational purposes only.

DateGMP (₹)KostakImplied Gain

Oct 27, 2024+₹1047-+69.7%

Oct 25, 2024+₹980₹7500+65.2%

Oct 23, 2024+₹900₹7000+59.9%

Oct 21, 2024+₹750₹5800+49.9%

Oct 18, 2024+₹520₹4200+34.6%

Oct 15, 2024+₹320₹2800+21.3%

Waaree Energies IPO Subscription Status - Day Wise

DayOverallQIBNII (HNI)Retail

Day 1 (Oct 21)9.74x2.22x7.18x12.69x

Day 2 (Oct 22)38.21x52.17x40.93x17.02x

Day 3 (Oct 23)76.34x197.54x114.48x22.11x

Anchor Investors

Government Pension Fund Global₹320 crore

SBI Mutual Fund₹290 crore

Mirae Asset Mutual Fund₹250 crore

HDFC Mutual Fund₹220 crore

Goldman Sachs India₹180 crore

Waaree Energies Ltd - Financials at IPO

YearRevenuePATNet Margin

FY22₹4,112 crore₹381 crore9.3%

FY23₹6,820 crore₹486 crore7.1%

FY24₹11,454 crore₹1,274 crore11.1%

Listed Peers - Renewable Energy / Solar

Premier EnergiesSolar Manufacturing

+120.0% listing

Websol Energy SystemSolar Manufacturing

Adani Green EnergyRenewable Energy

Frequently Asked Questions

When did Waaree Energies IPO list?

Waaree Energies IPO listed on October 28, 2024 on NSE and BSE at ₹2,550, a 70.2% gain over the issue price of ₹1,503.

What was the Waaree Energies IPO GMP?

The grey market premium (GMP) for Waaree Energies IPO peaked at ₹1,047 before listing, correctly signalling the strong 70.2% listing gain. GMP started at ₹320 when the IPO opened on October 21, 2024.

What was Waaree Energies IPO subscription status?

Waaree Energies IPO was subscribed 76.34x overall. QIB subscription was exceptional at 197.54x, NII (HNI) was 114.48x, and retail was 22.11x. Day 1 was 9.74x, Day 2 was 38.21x, Day 3 was 76.34x.

What is Waaree Energies and what does it do?

Waaree Energies is India's largest solar module manufacturer by installed capacity with 13.3 GW of manufacturing capacity. It exports solar modules to 68+ countries and supplies domestic utility-scale solar projects.

What was Waaree Energies IPO allotment date?

The allotment date for Waaree Energies IPO was October 24, 2024. Refunds were processed on October 25, 2024 and demat credit was also on October 25, 2024.

What is the Waaree Energies IPO price band?

The Waaree Energies IPO price band was ₹1,427-₹1,503 per share. Lot size was 9 shares. Minimum investment was ₹13,527 at the upper price band. The issue size was ₹4,321 crore.