Waaree Energies Listing Highlights: After bumper listing, Waaree Energies closes at Rs 2,341 on BSE

After bumper listing, Waaree Energies closes at Rs 2,341 on the Bombay Stock Exchange.

Afcons Infrastructure has a strong history of successfully completing a diverse array of complex engineering, procurement, and construction (EPC) projects, both in India and abroad. According to the Fitch Report, Afcons is recognized as one of India’s top international infrastructure companies, as reflected in the 2023 rankings by Engineering News-Record (ENR), which are based on international revenue for the financial year 2023.

A report by NDTV Profit states that Chief Economic Advisor Nageswaran is likely to get an extension. The report adds that the Centre is in 'favour of' continuation. If approved, CEA Nageswaran will lead the FY26 Union Budget preparations, the report added.

• Qualified Institutional Buyers (QIBs) - 0.01 times
• Non Institutional Investors(NIIS) - 0.34 times
• Retail Individual Investors (RIIs) - 0.31 times
• Employee Reserved - 0.88 times
• Total - 0.23 times

Google has lost a 15-year legal battle against a couple in the UK and has been ordered to pay 2.4 billion pounds (about Rs 26,172 crore) in fines for abusing the market dominance of its shopping comparison service. The tech giant had appealed against the fine originally levied by the European Commission in 2017 at Europe’s top court–the European Court of Justice–but it rejected its appeal in September, BBC reported. (Read More)

The company intends to allocate the IPO proceeds towards multiple objectives, including capital expenditure for construction equipment, addressing long-term working capital requirements, prepaying or repaying portions of certain outstanding borrowings and acceptances, and supporting general corporate purposes. (Read More)

Mehta Equities has issued a 'buy' recommendation for the Afcons Infrastructure IPO, stating, "The company's financials show solid growth, with revenue from operations and net profit rising by 14.7% and 14.9% in FY2023, and moderate growth of 5% and 9.5% in FY2024. At the upper price band of ₹463, the IPO seeks a market cap of ₹17,029 crore, implying a PE of 46.48x based on FY2025e annualized earnings, which appears fully priced given the industry average of around 40-45x. Notably, nearly 77% of the IPO consists of an OFS of ₹4,180 crore, a potential concern for new investors. However, with advanced equipment, proven execution abilities, and a strong market position, Afcons Infrastructure is a key player in the sector. Considering these factors, we recommend investors 'SUBSCRIBE' to Afcons Infrastructure Ltd, but for a long-term horizon only."

KR Choksey Securities has assigned a 'subscribe' rating to the Afcons Infrastructure IPO, stating, "Afcons Infrastructure is well-positioned for sustained growth in the infrastructure sector, leveraging its extensive expertise in complex engineering, procurement, and construction projects. The company’s strong capabilities in marine, urban infrastructure, and hydro projects, along with strategic partnerships with major clients, strengthen its competitive position. Afcons is also expanding geographically, targeting emerging markets in Africa and the Middle East while enhancing its project execution strategies. Given the company’s solid growth prospects, strong financial performance, and strategic focus on market expansion, we recommend a 'SUBSCRIBE' rating."

Afcons Infrastructure, an engineering company, has set its IPO price band at Rs 440 to Rs 463 per share. In the grey market, the company's shares are currently trading at a premium of Rs 24, according to stock market observers.

Vaidyanathan, Managing Director (MD) & Chief Executive Officer (CEO), IDFC First Bank, weighed in on the reasons that led to lower profits in the second quarter, ending September 30. However, he exuded confidence that the situation would improve by the third quarter (October to December). The bank has made exceptions for loans given to microfinance institutions (MFIs). (Read More)

After the stellar listing, the market capitalisation of Waaree Energies has crossed Rs 70,000 crore

Waaree Energies shares had a strong debut on the stock exchanges on October 28, listing at a significant premium to the issue price. However, the stock soon declined as investors took profits, falling nearly 8% to an intraday low of ₹2,300 on the NSE and dropping close to 10% to ₹2,294.55 on the BSE. (Read More)

• Backward integration will give fillip to the margin
• We are currently at 15% margin, will see improvement in next 2 years
• Margin territory will be solid from backward integration and robust demand
• Competition is there due to huge demand in the renewable energy space

"Demand is strong in both India and the US. We have an order book of 16.67 GW, and it continues to grow," Amit Paithankar of Waaree Energies told CNBC-TV18.

Afcons Infrastructure's IPO has seen a lukewarm response from Indian primary market investors so far. Nonetheless, major brokerages such as Anand Rathi, Arihant Capital Markets, BP Equities, Canara Bank Securities, Geojit Securities, GEPL Capital, KR Choksey Securities, Marwadi Shares and Finance, Mehta Equities, SMIFS, and Swastika Investment have recommended a ‘subscribe’ rating for the public issue.

Afcons Infrastructure Limited's initial public offering (IPO) opened on October 25, 2024, and will close on October 29, 2024, leaving applicants with just two days remaining to submit their applications.

The listing gains, however, miss grey market estimates where shares were trading at a premium of 84 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day. (Read More)

The shares of Waaree Energies will be listed anytime now. Check pre-opening price on BSE

• Shares of Deepak Builders & Engineers Ltd. will be listed on the BSE and NSE on Monday, October 28, following a subscription rate of 41.54 times for its ₹260.04 crore offer.
• The company's shares have shown significant volatility in the grey market premium (GMP), with the premium dropping sharply from ₹50 to ₹32 per share, according to market observers.
• Non-Institutional Investors (NIIs) had the highest subscription rate for the Deepak Builders' IPO at 82.47 times.
• Retail investors subscribed at a rate of 39.79 times, while the Qualified Institutional Buyers (QIBs) portion was subscribed 13.91 times.
• The company has raised ₹78 crore from institutional investors through the anchor book.

On the National Stock Exchange, shares of Waaree Energies are trading at Rs 2,500.00 in the pre-open.

On Oct 24, Waaree Energies' grey market premium shot to Rs 1590, which was the all-time high. Subsequently, there was a correction and GMP dropped to Rs 1225 on Oct 26. At present, the investorgain.com data shows that Waaree Energies GMP is at Rs  1275.

Indian indices opened higher today, despite mixed global cues, with the Nifty above 24,250. A look at market data in opening hours.

Sensex:

Up 266.19 points (0.34%)

Current level: 79,668.48

Nifty:

Up 60.00 points (0.25%)

Current level: 24,240.80

Market Breadth:

1,592 shares advanced

967 shares declined

176 shares remained unchanged

Major Gainers on the Nifty:

Shriram Finance

ICICI Bank

BPCL

Bharat Electronics

Nestle

Major Losers on the Nifty:

JSW Steel

Coal India

ONGC

L&T

Bharti Airtel

In the pre-opening on the Bombay Stock Exchange, Waaree Energies settle at Rs 2,220 apiece, latest data shows.

Ahead of the listing of the Waaree Energies IPO, the grey market premium has been indicating at multibagger returns. If we take a look at the data by inevstorgain.com, in the last to days, Waaree Energies have been commanding a robust GMP. On Oct 15, the GMP was Rs 1280. It surged to Rs 1545 a day later on Oct 16.

Link Intime India Private Ltd has been appointed as the is the registrar for the public issue of Waaree Energies.

• Partially finance the establishment of a 6 GW ingot wafer, solar cell, and solar PV module manufacturing facility in Odisha, India (referred to as the "Project").
• Support general corporate purposes.

Waaree Energies Limited's revenue grew by 69.56%, while profit after tax (PAT) surged by 154.73% from the financial year ending March 31, 2023, to the financial year ending March 31, 2024.

Incorporation: Waaree Energies Limited was incorporated in December 1990.

Industry: Indian manufacturer of solar photovoltaic (PV) modules.

Installed Capacity: Aggregate installed capacity of 12 GW.

Product Portfolio:

Multicrystalline modules

Monocrystalline modules

TopCon modules, which include:

Flexible bifacial modules (Mono PERC)

Framed and unframed modules

Building-integrated photovoltaic (BIPV) modules

Manufacturing Facilities:

Operates four manufacturing facilities in India.

Total area covered: 136.30 acres.

Locations: Surat.

In pre-IPO round, Waaree Energies raised Rs 1,276.93 crore from anchor investors.

The promoters of the company are Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited.

• Indian shares are set to open flat on Monday, as investor sentiment remained tepid due to sustained foreign selling and lacklustre corporate quarterly earnings.
• The Gift Nifty was trading at 24,222, as of 07:37 a.m. IST, indicating that the benchmark Nifty 50 will open near Friday's close of 24,180.8.
• The Nifty 50 and BSE Sensex posted losses for a fourth straight week on Friday, the longest such streak since August 2023.
• The Nifty 50 has dropped 8% from its record-high levels hit on Sept. 27, weighed down by foreign outflows for the last 20 sessions, as investors direct funds to China on Beijing's stimulus measures and relatively cheaper valuations.
• FPIs have offloaded $13.23 billion worth of shares in the previous 20 sessions, according to provisional data from the NSE, eying record monthly foreign outflows. (Reuters)

The book-running lead managers for the Waaree Energies IPO are Axis Capital Limited, IIFL Securities Ltd, Jefferies India Private Limited, Nomura Financial Advisory and Securities (India) Pvt Ltd, SBI Capital Markets Limited, Intensive Fiscal Services Private Limited, and ITI Capital Ltd. Link Intime India Private Ltd serves as the registrar for the issue.

The price band for the Waaree Energies IPO was set between ₹1,427 and ₹1,503 per share. The minimum application lot size was 9 shares, requiring a minimum investment of ₹13,527 for retail investors. For small Non-Institutional Investors (sNII), the minimum lot size was 15 lots (135 shares), totaling ₹202,905, while for large Non-Institutional Investors (bNII), the minimum is 74 lots (666 shares), amounting to ₹1,000,998.

The bidding for the Waaree Energies IPO began on October 21, 2024, and concluded on October 23, 2024. The allotment was finalized on Thursday, October 24, 2024, and the shares are set to be listed on the BSE and NSE on October 28, 2024.

The Waaree Energies IPO is a book-built issue valued at Rs 4,321.44 crores. It consists of a fresh issue of 2.4 crore shares amounting to Rs 3,600 crores, along with an offer for sale of 0.48 crore shares totaling Rs 721.44 crores.

According to investorgain.com, the latest grey market premium (GMP) for Waaree Energies' IPO is Rs 1,275. With the upper price band set at Rs 1,503.00, the estimated listing price for Waaree Energies’ shares is Rs 2,778 (upper price band + today's GMP). This translates to an expected percentage gain of 84.83% per share.

"Trading Members of the Exchange are hereby informed that effective from Monday, October 28, 2024, the equity shares of Waaree Energies Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' Group of Securities," the BSE notice says.

"Trading Members of the Exchange are hereby informed that effective from Monday, October 28, 2024, the equity shares of Waaree Energies Limited shall be listed and admitted to dealings on the Exchange in the list of 'B' Group of Securities," the BSE notice says.

The BSE has announced that Waaree Energies' shares will be listed on both the BSE and NSE on October 28, 2024. Investors will be able to access the share price starting at 10:00 AM on Monday.

Analysts recommend that investors consider holding Waaree shares for the medium to long term, given the strong demand, strategic positioning, and financial stability. With a favorable listing outlook and a solid operational foundation, Waaree presents a compelling investment opportunity aligned with India’s increasing focus on clean energy.

Prashanth Tapse, Senior Vice President and Research Analyst at Mehta Equities Ltd., shared a similar outlook, predicting a “blockbuster market debut” for Waaree Energies. Tapse highlighted the strong demand from institutional and retail investors, along with Waaree’s pivotal role in the growing renewable energy sector, as key factors likely to drive its share price on listing day.

Shivani Nyati, Head of Wealth at Swastika Investmart Ltd., anticipates a substantial gain for Waaree Energies at listing, referencing a grey market premium (GMP) of 103.79%. “Based on the GMP, shares are expected to open around Rs 3,063, representing a gain of Rs 1,560 over the upper price band of Rs 1,503,” Nyati stated. The IPO’s impressive 79.44 times overall subscription underscores strong investor confidence in the company’s growth potential.

Sagar Shetty, Research Analyst at StoxBox, added to the optimism, projecting a debut premium of approximately 102% over the IPO’s upper price band. “Waaree’s strong presence in solar PV manufacturing, with a total installed capacity of 12 GW, and its competitive advantage in the sector position it well for a strong stock market entry,” Shetty remarked.

Narendra Solanki, Head of Fundamental Research at Anand Rathi Shares and Stock Brokers, highlighted the strong demand and high subscription rate, predicting a likely premium at listing. "With robust fundamentals and a solid market position, the stock could see a significant rise," Solanki stated, adding that Waaree’s wide market reach and steady growth prospects enhance its attractiveness.

Analysts are optimistic, anticipating that Waaree Energies shares could debut with a premium near or above 100 percent, fueled by the company’s leadership in the solar photovoltaic (PV) module manufacturing sector.

Priced between Rs 1,427 and Rs 1,503 per share, the IPO of Waaree Energies raised Rs 1,277 crore from anchor investors ahead of its opening.

Analysts recommend that investors consider holding their shares for the medium to long term, citing robust demand, strategic positioning, and the company’s financial strength.

Analysts anticipate a significant premium on Waaree Energies listing. The IPO witnessed high demand, closing at a remarkable 76.34 times oversubscription, largely fueled by institutional investor interest, positioning the company for a favorable launch.

Good morning and welcome to our live coverage of the listing day of Waaree Energies IPO. The public offer of the solar company will make its D-Street debut at 10 am. Ahead of this, we take a look at the IPO, the subscription data and GMP trends. Stay with us for latest updates on Waaree Energies listing price and much more.