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  5. Waaree Energies IPO Day 2: Issue subscribed 6.35 times so far; all you need to know

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Waaree Energies IPO Day 2: Issue subscribed 6.35 times so far; all you need to know

Upstox
By Upstox News Desk

2 min read | Updated on October 22, 2024, 13:58 IST

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SUMMARY

Waaree Energies IPO consists of a fresh issuance of shares worth ₹3,600 crore and an offer for sale (OFS) of 48 lakh equity shares amounting to ₹721.44 crore.

solar-system-2939560_1280.webp

Waaree Energies Ltd, established in 1990, is among the largest manufacturers of solar PV modules in India.

Waaree Energies IPO is receiving a strong response from investors, with the issue being subscribed 6.35 times so far on Tuesday, the second day of bidding.

According to the cumulative data on NSE, the ₹4,321.44 crore initial public offering secured bids for 13,38,33,285 shares against 2,10,79,384 shares on offer.

The demand was led by non-institutional investors (NIIs), with the portion reserved for them being subscribed to 17.16 times. The part for retail investors was booked 5.38 times, while the qualified institutional buyers (QIBs) quota was booked 16%.
Before the IPO, Waaree Energies had raised ₹1,277 crore in the anchor round from investors such as Morgan Stanley, Goldman Sachs, The Prudential Assurance Company, National Pension Service (Managed by BlackRock Institutional Trust Company, NA), Abu Dhabi Investment Authority, HDFC Mutual Fund (MF), Tata MF, ICICI Prudential MF, Canara Robeco MF and Bandhan MF.

The initial share sale, with a price range of ₹1,427-₹1,503 per share, will conclude on October 23.

The public offer consists of a fresh issuance of shares worth ₹3,600 crore and an offer for sale (OFS) of 48 lakh equity shares amounting to ₹721.44 crore.

The money raised will be used to set up a 6GW ingot wafer, solar cell and solar PV module manufacturing facility in Odisha as well as general corporate purposes.

Waaree Energies IPO: About the company

Waaree Energies Ltd, established in 1990, is among the largest manufacturers of solar PV modules in India. It has an aggregate installed capacity of 12 GW. The company's product portfolio includes monocrystalline PV modules, TopCon PV modules and multicrystalline PV modules.

It operates five manufacturing facilities in Gujarat: Surat, Tumb, Chikhli, and Nandigram, and the IndoSolar Facility in Uttar Pradesh's Noida.

Axis Capital, ITI Capital, IIFL Securities, Nomura Financial Advisory and Securities (India) Private Ltd, Jefferies India, SBI Capital Markets and Intensive Fiscal Services are the book-running lead managers to the issue.

To learn more about IPO listings, schedules, and upcoming IPOs, visit our page.
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