 |
|
The initial public offering (IPO) of Waaree Energies, a leading Indian manufacturer of solar photovoltaic (PV) modules, has garnered significant investor interest, signaling a potential multibagger listing. The IPO, which concluded on October 23, was oversubscribed by a remarkable 76.34 times, indicating strong demand from both retail and institutional investors.
The Grey Market Premium (GMP), a key indicator of investor sentiment, has soared to Rs 1,560 per share. This signifies potential gains of over 104% for investors who manage to secure shares in the IPO. The IPO was priced within a fixed range of Rs 1,427-1,503 per share, with a minimum lot size of nine shares. The total offering size was Rs 4,321.44 crore, comprising a fresh issue worth Rs 3,600 crore and an offer for sale (OFS) of up to 48 lakh equity shares.
The robust subscription rate highlights the confidence investors have in Waaree Energies' future prospects. Qualified Institutional Buyers (QIBs) displayed the most enthusiastic response, subscribing 208.63 times their allocated portion. Non-Institutional Investors (NIIs) subscribed 62.49 times, while retail investors subscribed 10.79 times their allotted portions.
Waaree Energies, established in December 1990, holds a prominent position in the Indian solar industry, boasting an installed capacity of 12 GW. The company's product portfolio encompasses multicrystalline, monocrystalline, and TopCon modules. Several brokerages have expressed optimism regarding the IPO, citing the company's strong financials, growing demand for solar power, substantial market share, and promising future growth potential. However, concerns have been raised about the company's reliance on Chinese raw materials, a limited supplier base, and potential policy changes in the solar sector.
Investors eagerly await the share allotment status, which will determine whether they have secured shares in the highly oversubscribed IPO. To check their allotment status, investors can access the BSE website, selecting 'Equity' under issue type and choosing 'Waaree Energies Limited' from the dropdown. Alternatively, they can visit Link Intime India, a Sebi-registered registrar, and enter their application number, Demat number, or PAN, selecting ASBA or non-ASBA, and completing the required details.
Source: Waaree Energies share allotment: GMP signals multibagger listing, details here