Waaree Energies Share Price IPO Listing Highlights: Its early Diwali on D-Street. The Waaree Energies IPO lists at a whopping 66% premium. After garnering significant interest Waaree Energies saw a cracker of a listing as well. The Street gave a strong response to the smart valuation and the company aimed to raise Rs 4,321.44 crore.
The IPO received bids worth Rs 2.42 crore. Retail buyers subscribed to the issue 11.27 times, while non-institutional investors (NIIs) subscribed 65.25 times.
The Waaree Energies IPO was open for subscription from October 21 to October 23. The book-running lead managers for the IPO included Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory and Securities (India), SBI Capital Markets, Intensive Fiscal Services, and ITI Capital. For live updates on Waaree Energies, follow our live blog.
Shares of Waaree Energies fell 10% from their listing price to Rs 2,294.50, as investors quickly booked profits following a strong market debut. The stock began trading at Rs 2,550 on the BSE, reflecting a 69.66% premium over its IPO price of Rs 1,503, and opened at Rs 2,500 on the NSE with a 66.33% premium. Despite the positive start, the listing performance fell short of grey market expectations, where Waaree shares had been trading at a premium of Rs 1,275, an 84.83% increase over the IPO allotment price, according to market sources.
Anand Rathi Research's IPO note highlights that Waaree Energies’ solar PV module warranties are backed by external insurers, ensuring high-quality standards are met for approval. The company held Bloomberg New Energy Finance’s tier-1 PV module maker rating from Fiscal 2018 to 2024. Additionally, select laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (NABL) to conduct rigorous quality checks on PV modules. Waaree’s manufacturing facilities also undergo regular quality audits, and its inclusion in the ALMM list by the Government of India allows participation in government schemes promoting India’s solar industry. The company further produces semi-flexible solar panels for global markets, supported by in-house R&D focused on product application.
The Grey Market Premium (GMP) for Afcons Infrastructure’s IPO has dipped to Rs 18 today, marking a decline of Rs 41 from the weekend’s GMP of Rs 59. This drop is largely attributed to weak sentiment in the secondary market, with the Nifty 50 index sliding for four consecutive sessions. Despite this downturn, the GMP remains in positive territory, a shift from October 25, 2024, when the IPO launched and the grey market sentiment was neutral toward this book-built issue.
Afcons Infrastructure IPO price band was set at Rs 440 to Rs 463 per equity share. The minimum lot size for an application is 32 Shares. The minimum amount of investment required by retail investors was Rs 14,816.
The Waaree Energies IPO comprises a total of 28,752,094 shares, raising Rs 4,321.44 crore, with a diversified allocation among various investor categories. Anchor investors received the largest share, securing 8,495,887 shares worth Rs 1,276.93 crore. Qualified Institutional Buyers (QIBs) followed with 5,538,663 shares valued at Rs 832.46 crore. Non-Institutional Investors (NIIs) were allocated 4,373,206 shares, amounting to Rs 657.29 crore, which includes bids both above and below Rs 10 lakh. Retail investors made a substantial contribution, with an allocation of 9,911,869 shares worth Rs 1,489.75 crore. Lastly, employees received a smaller allocation of 432,468 shares valued at Rs 65 crore.
Shares of Waaree Energies were down 5% to Rs 2,372.10. The stock of the company fell as much as 8% on NSE from its listing price. The stock was listed on the NSE and BSE on October 28.
Waaree Energies stocks recover from a drop of 10% to Rs 2,379.30. Shares of the company are down 5%. The stock fell as much as Rs 2,300 after listing at a premium. The stock was listed at a 66% premium on the National Stock Exchange.
Waaree Energies Share Price IPO Listing Live: Waaree Energies Shares Drop over 10%
Shares of Waaree Energies experienced a decline of 10% from their listing price, dropping to Rs 2,294.50 as investors quickly moved to book profits following a robust market debut. The stock opened at Rs 2,550 on the BSE, marking a premium of 69.66% over its IPO price of Rs 1,503, while on the NSE, it debuted at Rs 2,500, reflecting a 66.33% premium.
However, this performance did not meet the expectations set in the grey market, where unlisted shares of Waaree Energies were trading at a premium of Rs 1,275, indicating an 84.83% gain over the IPO allotment price, according to market sources.
The stock of Waaree Energies slipped 4% to Rs 2,405.30 after listing at a premium on the bourses. The stock was listed at Rs Rs 997 on the National Stock Exchange, a 66.33% premium over its IPO price of Rs 1503.
Shares of Waaree Energies made an impressive debut on the stock exchanges today, opening at Rs 997 on the NSE, marking a 66.33% premium over its IPO price of Rs 1503. The BSE listing was equally strong at Rs 997, reflecting a 66.33% premium.
Read More: Waaree Energies makes stellar debut on D-Street; Lists at 66% premium
Waaree Energies IPO Listing Live: Waaree Energies IPO allotment status
To check your Waaree Energies IPO allotment status, follow these steps:
Click on the “Allotment Status Check” button below.
Choose “Waaree Energies” as the company.
Enter either your PAN number, application number, or DP client ID.
Click “Search” to view your status.
Waaree Energies IPO Listing Live: Waaree Energies IPO Final Day Subscription Update
The final day of the subscription saw a remarkable surge, led by Qualified Institutional Buyers (QIBs) who subscribed at an impressive rate of 215.03 times. Non-Institutional Investors (NIIs) also showed strong interest, subscribing at 65.25 times. Retail investors followed with a robust 11.27 times subscription, while employee subscriptions reached 5.45 times. This culminated in a total overall subscription of 79.44 times for the IPO.
Waaree Energies IPO Listing Live: Waaree Energies to make Dalal Street Debut Today
Waaree Energies is set to debut its shares on the exchanges on Monday. Ahead of the listing, the company’s shares are trading at a grey market premium (GMP) of Rs 1,225. With the upper price band set at Rs 1,503, the stock is anticipated to list at an 81% premium.
Waaree Energies IPO Listing Live: Anand Rathi Research's IPO note
“The company’s solar PV module warranties are insured by external parties, which requires it to maintain high standards for insurance approval. It received a tier-1 PV module maker rating from Bloomberg New Energy Finance between Fiscal 2018 and Fiscal 2024. Certain of its laboratories are accredited by the National Accreditation Board for Testing and Calibration Laboratories (“NABL”) which tests solar PV modules for quality checks. Further, it ensures that manufacturing facilities are regularly audited by quality audit firms. It is also included under the ALMM list identified by the GoI, which enables the company to participate in various government schemes aimed at developing the solar industry in India. WEL also manufactures semi-flexible solar panels for sale to global customers through its in-house research and development in product application.”
Waaree Energies IPO Listing Live: Top investment firms back IPO
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. The registrar for the issue is Link Intime India Private Ltd.
Waaree Energies IPO Listing Live: InCred Equities' IPO note
“During FY20-24, the company’s revenue/EBITDA/PAT clocked a CAGR of 55%/103%139%, respectively, as the EBITDA margin improved from 4.8% in FY20 to 13.8% in FY24. In 1QFY25, the company’s revenue was at Rs34bn (+2% YoY) while EBITDA and PAT stood at Rs 550 crore (+18% YoY) and Rs 400 crore (+19% YoY), respectively. Based on FY25F annualized financials, the IPO’s higher band implies an EV/EBITDA of 18x, and a P/E of 27x, which is at a discount to its peers, in our view. We recommend subscribing to the IPO, given the strong financials, strong industry tailwinds with long-term opportunities in the solar industry, robust order backlog and further expansion plans.”
Waaree Energies IPO Listing Live: Share allocation across various categories
The Waaree Energies IPO offers a total of 28,752,094 shares, amounting to Rs 4,321.44 crore, with a diverse allocation across several investor categories. Leading the pack, anchor investors secured 8,495,887 shares worth Rs 1,276.93 crore. Qualified Institutional Buyers (QIBs) follow, receiving 5,538,663 shares valued at Rs 832.46 crore. Non-Institutional Investors (NIIs) have been allocated 4,373,206 shares, amounting to Rs 657.29 crore, covering bids both above and below Rs 10 lakh. Retail investors are significant participants, with an allocation of 9,911,869 shares worth Rs 1,489.75 crore. Lastly, employees have a smaller allocation of 432,468 shares valued at Rs 65 crore.
Waaree Energies IPO Listing Live: Manufacturing facilities across India
Waaree Energies operates five manufacturing facilities across India, spanning a total area of 143.01 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as in Noida, Uttar Pradesh, the latter being managed by its subsidiary, IndoSolar Limited.
Waaree Energies IPO Listing Live: 79.44x overall subscription
Waaree Energies' IPO received an overwhelming response with an overall subscription of 79.44 times. The Qualified Institutional Buyers (QIB) category led the way with a subscription rate of 215 times, while Non-Institutional Buyers subscribed 65.25 times. Retail Investors showed strong interest, oversubscribing by 11.27 times, and the employee allocation segment saw a 5.45 times oversubscription.
Waaree Energies IPO Listing Live: How to check your share allotment status?
Step 1:
Open a web browser on your computer and go to the Link Intime India website, the registrar managing the Waaree Energies IPO.
Step 2:
On the homepage, find and click on the “Public Issue” section located on the left side of the page.
Step 3:
Fill in the required information, such as the company name (Waaree Energies) and your PAN number, application number, client ID, or account number.
Step 4:
Click the “Submit” button.
Step 5:
Your allotment status will be displayed on the screen.
Waaree Energies IPO Listing Live: Leading firms back IPO
Leading firms, including Axis Capital, IIFL Securities, Jefferies India, Nomura Financial Advisory, SBI Capital Markets, Intensive Fiscal Services, and ITI Capital, acted as book-running lead managers for the IPO, offering robust support for the offering.
Waaree Energies IPO Listing Live: Allotment status announced, shares to List on BSE, NSE tomorrow
The IPO allotment status for Waaree Energies was made public on Friday. Following the 'T+3' listing rule, applicants had anticipated the announcement on Thursday after three days of record bidding concluded on Wednesday evening. With the share allocation now confirmed, Waaree Energies' IPO listing date is set for October 28, 2024, which falls on Monday next week. Trading of Waaree Energies' shares will commence on the BSE and NSE from 10:00 AM on Monday.
As of October 23, 2024, the Waaree Energies IPO has reached a subscription level of 79.44 times.
Qualified Institutional Buyers (QIB)
Qualified Institutional Buyers include financial institutions, banks, Foreign Institutional Investors (FIIs), and mutual funds registered with SEBI. They typically represent small investors who invest through various vehicles such as mutual funds, ULIPs offered by insurance companies, and pension schemes.
Non-Institutional Investors (NII)
Non-Institutional Investors are retail individual investors (HNI), NRIs, companies, trusts, etc., who bid for shares worth more than Rs 2 lakhs. Unlike QIBs, NIIs are not required to have SEBI registration.
This subcategory is for NII investors bidding for shares between Rs 2 lakhs and Rs 10 lakhs. One-third of the NII category shares are reserved for Small NII, also known as Small HNI (sHNI).
This subcategory is for NII investors bidding for shares worth more than Rs 10 lakhs. Two-thirds of the NII category shares are reserved for Big NII, also referred to as Big HNI (bHNI).
Retail Individual Investors (RII)
Retail Individual Investors, including NRIs, who apply for up to Rs 2 lakhs in an IPO fall into this reserved category.
Employee (EMP)
This category includes eligible employees who have a reserved quota in the IPO.
Others
This category comprises eligible shareholders or other investors who have a reserved quota in the IPO.
Waaree Energies IPO has successfully raised Rs 1,276.93 crore from anchor investors. The anchor bid date for the IPO was October 18, 2024.
As of October 27, 2024, at 11:23 AM, the last gray market premium (GMP) for the Waaree Energies IPO is Rs 1300. With a price band set at Rs 1503.00, the estimated listing price for the IPO is projected to be Rs 2803, which is the sum of the cap price and today's GMP. This indicates an expected percentage gain of 86.49% per share upon listing.
To check your Waaree Energies IPO allotment status, follow these steps:
The promoters of the company include Hitesh Chimanlal Doshi, Viren Chimanlal Doshi, Pankaj Chimanlal Doshi, and Waaree Sustainable Finance Private Limited.
The book-running lead managers for the Waaree Energies IPO include 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 will serve as the registrar for the issue.