Shares of Waaree Energies were off to a rocking start on its stock market debut on October 28 after listing at Rs 2,500, commanding a massive premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE).
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.
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The Rs 4,321-crore IPO witnessed strong demand with the offer being oversubscribed 76.34 times. Investors bid for 160.91 crore shares, far exceeding the 2.1 crore shares on offer, according to exchange data.
Qualified institutional buyers showed the most interest, subscribing 208.63 times the portion reserved for them. Retail investors' quota has been subscribed 10.79 times, and the employees’ portion saw 5.17 times the demand. Non-institutional investors subscribed 62.48 times their reserved portion, as per NSE data.
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The proceeds from the fresh issue will be primarily used to set up a 6 GW facility in Odisha for manufacturing ingot wafers, solar cells, and PV modules. A portion of the funds will also be used for general corporate purposes.
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Waaree Energies currently operates five manufacturing plants across India, with locations in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as IndoSolar in Noida, Uttar Pradesh.
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