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The impending Initial Public Offering (IPO) of Waaree Energies has garnered significant attention in the market, particularly due to the soaring Grey Market Premium (GMP) observed in the days leading up to the subscription period. This surge in GMP, an unofficial indicator of market interest, signifies a strong positive sentiment among potential investors towards the company's upcoming public listing.
Waaree Energies, a prominent player in the renewable energy sector, has fixed a price band of Rs 1427-1503 per share for its IPO, which is scheduled to open for subscription on October 21 and conclude on October 23. The anchor bidding is set to commence on October 18. Following the closure of the subscription period, the allotment of shares is expected to be finalized on October 24, with refunds and share crediting to demat accounts taking place by October 25. The company's stock market debut is anticipated for October 28.
The IPO structure comprises a fresh issue of shares valued at Rs 3,600 crore, along with an Offer for Sale (OFS) of up to 4.8 million shares by existing shareholders and promoters. Based on the upper price band, the total issue size is estimated to be around Rs 4,321 crore. The company's market capitalization is projected to reach approximately Rs 43,000 crore upon its successful listing.
Waaree Energies has carved a niche in the renewable energy landscape since its inception in 2007 as a solar photovoltaic (PV) module manufacturer. Its commitment to providing cost-effective and sustainable energy solutions has propelled the company to a leadership position globally. The company's focus on solar energy aligns with the global shift towards cleaner and more sustainable energy sources, playing a crucial role in promoting clean energy and reducing carbon footprints.
Source: Waaree Energies IPO GMP soars over 85% as company fixes price band