Waaree Energies shares close with 56% gains on market debut

Waaree Energies

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26 Aug, 2025 12:21

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Solar photovoltaic modules make Waaree Energies shares closed with a massive 56 percent gains on the listing day, i.e. October 28 as massive IPO subscription numbers, strong sector demand and favourable government policies for the segment boosted sentiment.

The stock opened at Rs 2,500 on the National Stock Exchange, rising 66.3 percent over the issue price of Rs 1,503, which was largely on expected lines despite negative sentiment in the equity market. It touched an intraday high of Rs 2,624.4 and low of Rs 2,300, before closing the session at Rs 2,338.9, up 55.62 percent.

On the BSE, the shares finished at Rs 2,336.8 apiece, up 55.48 percent after hitting a day's high of Rs 2,600 and low of Rs 2,294.55.

Waaree Energies' market capitalisation stands at Rs 67,132.34 crore as of Monday's closing price.

In terms of volumes, it traded with 2.15 crore equity shares on the NSE, and 24.25 lakh shares on the BSE.

The Rs 4,321-crore initial share sale of Waaree Energies was subscribed 76.34 times during October 21-23, which was the highest subscription amongst the IPO launched in October. The company has Rs 3,600 crore through its fresh issue and Rs 721.44 crore via offer-for-sale.

With five manufacturing facilities since 2007, it is the largest manufacturer of solar photovoltaic modules in India with the installed capacity of 12GW, which expanded from 4 GW in 2022. The company competes with Premier Energies and Websol Energy System.

The fresh issue proceeds will be mainly utilised for establishing the 6GW of ingot wafer, solar cell and solar PV module manufacturing facility in Odisha through subsidiary Sangam Solar One.

Prashanth Tapse, Senior VP Research – Research Analyst at Mehta Equities believes the investor demand would remain on the counter on the back of sector demand and expansion plan, and an opportunity play on the largest manufacturer of solar PV modules in India, bolstered by favourable government policies and few Incentive (PLI) scheme

Hence, he recommended long term investors to hold while short term investors can look for target anywhere between Rs 2,750-2,800 to book profits. "Fresh accumulations can be attempted anywhere between Rs 2,200-2,300 if it comes due to market scenario and profit booking attempts," he said.

Shivani Nyati, Head of Wealth at Swastika Investmart also believes holding the stock for the long term could be a good strategy, considering Waaree Energies’ growth potential in the renewable energy space.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.