Waaree Energies Share Price Highlights: Waaree Energies shares see brisk trade on Day 2

Waaree Energies made its debut on the stock exchange on October 28, 2024, with an impressive IPO subscription rate of 79.44 times. Priced at ₹1503 per share, the stock opened at ₹2500, marking a substantial 66.33% increase from its issue price. The last Grey Market Premium (GMP) for Waaree Energies IPO was noted at ₹1295 as of 10:31 AM on October 28, suggesting a potential gain of 86.16% for early investors.

In an interview with CNBC TV18, Waaree Energies CEO Amit Paithankar highlighted robust demand across the company’s two primary markets, India and the United States. Paithankar noted that their order book, currently at 16.67 gigawatts, is steadily growing, with a favorable composition of both export and domestic orders. He emphasized that demand remains strong, supported by a solid mix of orders from both regions.

Waaree Energies shares rose by 3.21% on the BSE, reaching Rs 2,411.80 as of 2:06 pm.

Afcons Infrastructure’s IPO is trading at a grey market premium (GMP) of ₹40 today, as reported by investorgain.com. Based on the IPO’s upper price band of Rs 463 and this premium, the anticipated listing price for Afcons Infrastructure shares is around Rs 503 per share, reflecting an estimated 8.64% increase over the IPO price.

Catch The Live Updates Here: Afcons Infrastructure IPO 2024 Live Updates: Check GMP, IPO allotment, listing, date and other details

Solar panel manufacturer Waaree Energies announced on Friday that it raised Rs 1,277 crore from anchor investors ahead of its upcoming initial public offering (IPO). Key anchor investors include Goldman Sachs, Abu Dhabi Investment Authority, Morgan Stanley, The Prudential Assurance Company, and the National Pension Service (managed by BlackRock Institutional Trust Company, NA), along with HDFC Mutual Fund, ICICI Prudential MF, Canara Robeco MF, Tata MF, and Bandhan MF. According to a circular on the BSE’s website, Waaree Energies allocated 84.96 lakh equity shares to 92 funds at Rs 1,503 per share, the highest price within the IPO price band, totaling Rs 1,277 crore. Of these, 28.32 lakh shares, or 33.33% of the allocation, were distributed to 17 domestic mutual funds across 45 schemes.

The Waaree Energies stock is up 3% intra-day.

The stock hit an intraday-high of Rs 2497 and intra-day low of Rs 2352.05.

As of March 31 in 2022, 2023, and 2024, as well as June 30 in 2023 and 2024, the company served 716, 566, 378, 836, and 1,067 customers in India, respectively. Internationally, they served 26, 33, 36, 20, and 12 customers during the same periods. To drive future growth, the company plans an expansion strategy focused on capacity upgrades and advancing manufacturing technologies, including Mono PERC, large-size silicon wafer technology, and emerging technologies such as TopCon, to meet rising demand.

One of the biggest advantage of the Waaree Energies share valuation is the current focus on renewables globally. There are only 4500 firms engaged in this space compared to 1 lakh plus companies globally. As a the COP 29 begins in few days, all eyes are on India‘s COP 26 commitments towards achieving 50% energy use via renewable sources.

Waaree Energies‘ shares debuted on the bourses on Monday, opening at a premium of 66-70% above the issue price on the NSE and BSE. However, the stock closed at a 56% premium over the issue price of Rs 1,503. The IPO received a strong response across all investor categories, particularly from institutional investors, who subscribed 76.4 times.