Waaree Energies IPO: Waaree Energies Shares Surge 5% as Investor Confidence Grows - Read Now
Waaree Energies IPO:Waaree Energies shares jumped 5% after a strong IPO debut at a 70% premium. The company plans to use funds for a 6 GW manufacturing facility in Odisha and reported a 69% revenue increase in FY24, highlighting its growth in the solar energy sector.
Waaree Energies IPO: Waaree Energies shares rose 5 percent for the day high at Rs 2,454 as buying momentum revived on BSE on its second trading day. After a sparkling debut on Monday, Waaree's stock on Tuesday opened 70 percent higher at ₹2,550, from its ₹1,503 IPO.
The stock initially saw some volatility as it declined by nearly 10% to ₹2,294 from its listing day. Yet, the strong rebound indicates robust investor confidence in the company's growth potential and overall financial stability. Shivani Nyati, Head of Wealth at Swastika Investmart, mentioned that investors who want to book part of their profits should look to place a stop loss at ₹2,000.
The IPO of Waaree Energies was able to collect a staggering ₹4,321 crore. It received a tremendous response from the investors. Bids attracted an astonishing value of ₹2.41 lakh crore. The subscription was 76 times. Institutional investors subscribed at 208 times and non-institutional investors at 62 times. This is one of the most successful IPOs in India's primary market history.
The IPO proceeds will be utilized in crucial business projects, primarily the 6 GW plant for ingots, wafers, solar cells, and PV modules based in Odisha. The general corporate purposes will be another utilization of the funds of Waaree Energies. The company is going strong as it is also the largest manufacturer of the solar PV modules in the country. As of June 2024, installed capacity for Waaree stands at 12 GW.
In fiscal year 2024, Waaree Energies saw tremendous growth with revenues from operations growing by 69% year-on-year to ₹11,398 crore. The profit after tax more than doubled to ₹1,274 crore. The company is further expanding its global footprint with a 3 GW manufacturing facility in the United States, further diversifying its operational capabilities and enhancing its market presence.
In short, the impressive performance by Waaree Energies in the stock market along with ambitious growth plans give it a promising future in the rapidly evolving solar energy sector.