Waaree Energies shares close with 56% gains on market debut

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. 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. 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. Waaree Energies (Waaree) made a power-packed listing today with the shares making a more-than-decent debut at ₹2,550, a 69.7 per cent premium over its IPO issue price of ₹1,503. While it has given up some of the gains in further trading, at the time of publishing this article it was trading at ₹2,375 which still represents a solid 58 per cent increase over the IPO price. The demand for the issue was strong, with the offer getting subscribed around 76 times. The applications received against it were around 97.3 lakh in number – the highest-ever number of applications received against a public issue in India. waaree energies share price waaree share price waaree energies waaree energy share price waaree solar share price nse today waaree energies ipo waaree energies ipo gmp waaree energies share waaree energies ltd share price bse waaree energies share price live waaree renewables share price waaree waaree energies listing price nse waaree energies ipo listing price waaree energies ipo listing date waaree energies listing date waaree energies ltd share price ipo listing time waaree energies ipo gmp today waaree listing price waaree energies listing time waaree engineering share price waaree energies ipo price waaree listing date waaree listing time waaree energies ipo listing time waree ipo waaree renewables share bse waaree energies price waree share price waaree ipo listing time nse pre open waaree energies limited share price waaree energies listing waree energies share price waaree ipo listing date waaree energies share price nse waree energy waaree energies stock price waaree solar share price ipo gmp live waaree ipo price waaree ipo listing price waaree ipo waaree energies ltd waaree energies ipo share price waaree energies ipo listing ipo grey market waaree energies share price chart today share market waaree energies nse waaree gmp today waaree energy nse ipo waree share listing time of ipo