Waaree Energies Limited, the largest manufacturer and exporter of solar modules in the country, has announced the price band for its IPO. The company has fixed the price band of Rs 1427-1503 per share for its IPO which is going to open from 21 October 2024. In the grey market, the GMP of Waaree Energies Limited is trading with a jump of 85 percent.
Waaree Energies IPO will remain open from 21 to 23 October
- Waaree Energies IPO will open on October 21, 2024, and investors can apply for the IPO till October 23.
- The company will raise Rs 3600 crore by issuing 2.4 crore new shares in the IPO, as well as existing investors and promoters will sell 48 lakh shares in the offer for sale.
- That is, the size of the IPO is going to be Rs 4321.44 crore. The company has fixed the price band of Rs 1427-1503 per share for the IPO.
Waaree Energies IPO listing possible on October 28
Investors can apply for a minimum of 9 shares in the IPO. For a lot size of 9 shares, investors will have to pay Rs 13,527. Retail investors can apply for a maximum of 14 lots i.e. 126 shares for which Rs 189,378 will have to be paid. The basis of allotment will be decided on October 24, 2024. Refunds will be issued to the applicants on October 25. Shares will be credited to the demat accounts of successful investors on October 25 itself. The IPO will be listed on BSE and NSE on Monday, October 28, 2024.
Waree Energies Limited’s 86 percent jump in gray market price
Waaree Energies IPO is expected to get a strong response. The GMP of the IPO in the grey market is Rs 1300. That is, currently there is a profit of 86 percent on the IPO price and the stock is expected to list at around Rs 2800. Wari Energies Limited was established in the year 1990, and manufactures solar modules with an installed capacity of 12 GW. In the financial year 2023-24, the revenue of Wari Energies was Rs 11632.76 crore, on which the company made a profit of Rs 1274.38 crore. Axis Capital Limited, IIFL Securities, Jefferies India, and Nomura are the book-running lead managers of the IPO.
