Waaree Energies stock surges over 6% on day 2 of trading; check details

Waaree Energies stock rallied as much as 6.75% to hit an intraday high of ₹2,497 apiece on the NSE, extending gains a day after listing.

The stock had settled 6.2% lower at ₹2,345 apiece on the NSE on Monday, October 28, after listing at a premium of 66.3% at ₹2,500 apiece over its issue price of ₹1,503 per share.

On the second day of trading, the stock opened higher at ₹2,375.1 apiece on the NSE but soon touched an intraday low of ₹2,352.05. However, the stock recovered early losses amid heavy buying. Shares of Waaree Energies were trading over 5% higher at ₹2,456 apiece on the NSE at 12:05 pm.

As many as 56.75 lakh shares of the company were traded on the NSE, with a total trading value of ₹1,384.64 crore. The company’s market capitalisation stood at 70,507.92 crore.

The initial public offering (IPO) of India’s leading solar panel manufacturer, Waaree Energies Ltd., saw strong demand from investors when it was open for subscription from October 21 to October 23.

The issue was oversubscribed 76 times during the three-day bidding period. The QIBs portion was subscribed 208.63 times, non-institutional investors’ quota by 62.49 times and retail investors by 10.79 times.

The ₹ 4,321 crore IPO attracted bids worth ₹2.41 lakh crore through 97.34 lakh applications, the highest number for any IPO in India.

In fact, experts are also expressing optimism about Waaree Energies’ share price performance for the coming months, citing its strong fundamentals and leadership in the solar energy sector.

The company had said that the money raised from the fresh issuance of equity shares would be utilised to set up a 6GW ingot wafer, solar cell and solar PV module manufacturing facility. It will also be used for general corporate purposes.

Waaree Energies had reported revenue of ₹11,397 crore for FY24, up ₹6,750 crore in the previous year. Net Profit had also increased to ₹1,274 crore in FY24 from ₹500 crore in FY23.